Nakheel to build 130-apartment complex on Palm
Construction deal worth $20.4mn awarded to Trojan General Contracting
Nakheel is to build a new residential complex with 130 apartments for lease on Dubai's Palm Jumeirah, the company announced today.
The developer has awarded a contract worth almost AED75mn ($20.4mn) to UAE-based Trojan General Contracting LLC to construct the 12-storey building, which will be located on Palm Jumeirah's central trunk, adjacent to Al Ittihad Park, and directly linked to the upcoming Nakheel Mall via a pedestrian walkway.
The new complex - the latest in Nakheel 's fast-growing collection of leasing projects - will contain 130 one, two and three bedroom apartments, a gym, swimming pool and three levels of basement parking.
Construction is expected to begin before the end of 2014, with completion anticipated for mid-2016.
Palm Jumeirah, Nakheel 's world-famous master community, is currently home to more than 30,000 residents and 10 luxury resorts, with several new Nakheel residential, retail and entertainment projects - including Nakheel Mall, The Pointe, Palma Residences and Palm Views - under construction.
A Nakheel spokesman said: "Expansion of our leasing, hospitality and retail offerings is key to our long term business strategy. This new residential leasing complex on Palm Jumeirah will bring another 130 units to our existing leasing portfolio of almost 17,000 homes, which enjoy almost 100% occupancy."