Gulf News reported that master developer Nakheel has resumed construction of more homes at sites where work had stopped pending the completion of a financial restructuring exercise.

The two sites include a fresh set of 523 villas and terrace homes in the Al Furjan project with Arabtec Construction expected to deliver these in the Q1 of 2012 and the recommencement of construction work on 525 four bedroom villas in Jumeirah Park with Pauling Middle East expected to deliver them in the same quarter.

A Nakheel spokesperson said that in addition, Jumeirah Park will recommence work on 289 three-bedroom villas through Al Huda Contracting Company which is expected to be complete in the fourth quarter of 2011. Al Furjan witnessed resumption of construction activity in September when Arabtec restarted work on 300 villas.

Nakheel recently said that work on Jumeirah Golf Estates has resumed after the project received the necessary support from the Government of Dubai to recommence development. Associated Construction and Investments Company is expected to remobilise infrastructure works on site shortly.

Mr Chris O'Donnell CEO of Nakheel said that we've had good discussion with the banks and consolidations restructuring should be pretty much completed by the end of the year.

Nakheel said that Al Furjan, off Emirates Road in Dubai is the first project on which Nakheel has reached an agreement with its contractor working on 300 villas to complete what was started two years back. Arabtec's Al Furjan villas will be finished in the Q1 of 2012.

Mr O'Donnell had said that we're in contact with all our customers and those in longer term projects are participating in swaps to short-term ones, Al Furjan included. Short term projects are phases or components of master developments where construction has progressed significantly.

(Sourced from Gulf News)