Dubai's Nakheel to start work on Central Park in Oct

Dubai’s Nakheel announced on Thursday construction work on the Central Park green space on Palm Jumeirah will start in October. Located between the Shoreline Apartments and Golden Mile developments, the Central Park will be approximately 1.4km long and will measure around 1 million square feet in total area. Infrastructure works will start in October and will include a three-kilometre loop jogging path, playgrounds for children and seating areas. Other amenities will also include a wadi and other water features and a number of landscaped promenade areas. “The Central Park at the heart of the Palm Jumeirah will open to residents and public shortly,” Nakheel said in a statement.“We are delighted to proclaim the opening of the Central Park on the iconic palm. The Palm Jumeirah Central Park will become a major spot to its residents and public visitors,” said Ali Rashid Lootah, chairman of Nakheel.One of the most high profile master developers in Dubai, Nakheel last month issued the first tranche of an AED4.8bn ($1.31bn) Islamic bond as part of a complex debt restructuring process.As part of its five-year debt restructuring programme announced in August, the firm offered creditors repayment of 40 percent cash and the remaining 60 percent in the form of an Islamic bond, or sukuk, at a profit rate of 10 percent. Nakheel said it was restructuring some AED59bn of liabilities, including AED32bn to Dubai government, AED19bn to trade creditors and AED8bn to banks. The firm’s chairman said it would deliver 7,982 homes in nine developments across Dubai in the 15 months ending Dec 2012, in projects including Jumeirah Islands, Al Furjan as well as Badrah and Veneto in the Waterfront project.Nakheel, which was previously the property arm of Dubai World, is now be controlled by the Dubai government along with another debt-ridden property firm Limitless, which is restructuring a $1.2bn loan.