Dubai, 11 April 2012
Nakheel has broken ground on Palma Residences, its new luxury residential project on Palm Jumeirah, launched for sale earlier this month.
Work on the Mediterranean-style project began today (Wednesday) following the appointment of Dubai Civil Engineering as main contractor on the project. The contract – for infrastructure and construction – is worth AED194 million. Construction is expected to take around 18 months.
Nakheel also confirmed today that Halcrow has been appointed as beach profiling consultant for Palma Residences. Beach work will start in the next three to five months.
Speaking at today’s ground breaking ceremony, Nakheel Chairman Ali Rashid Lootah said: “I am delighted to kickstart the delivery of yet another bold, innovative and visionary project here on Palm Jumeirah. Palma Residences went on sale just one week ago. Thirty units have already been sold for a combined value of nearly AED223 million, with an additional 30 enquiries and site tours from serious potential buyers.That’s a clear sign of renewed investor confidence in Dubai real estate and in particular for unique products such as those offered on Palm Jumeirah. We have seen a very healthy demand in the first quarter of 2012, and this looks set to continue for the year.”
Palma Residences, located on a 61,000 sqm area of reclaimed land off the eastern side of Palm Jumeirah’s trunk, is an exclusive collection of 104 Mediterranean-style residential units, each with direct beach or pool access. The homes will form a distinct, gated community that will complement Palm Jumeirah’s existing residences.
Prices for Palma Residences range from AED6 million to around AED8 million.