Nakheel awards $410m contract for The Palm Gateway
Shapoorji Pallonji Mideast will commence construction of the developer's three-tower residential, retail, and beach club complex in the second quarter of 2017
Dubai-headquartered master developer, Nakheel, has awarded a construction contract worth nearly $410m (AED1.5bn) to Shapoorji Pallonji Mideast.
The contract is for The Palm Gateway, a new residential, retail, and beach club complex that will be located at the foot of Palm Jumeirah.
According to a Dubai Media Office report, construction of the complex, which will consist of three towers, will commence sometime in the second quarter of this year, and is expected to take two and a half years to complete.
Commenting on the project, Ali Rashi Lootah, chairman of Nakheel, said: “The Palm Gateway contract is among $3.3bn (AED12bn) worth of construction contracts to be awarded by Nakheel this year.
“We look forward to delivering another landmark project at the entrance to Palm Jumeirah through this first collaboration with Shapoorji Pallonji.”
With 5.5 million square feet of gross floor area, The Palm Gateway will comprise 1,265 luxury apartments across three high-rise buildings – the tallest topping 285m – to be constructed on top of the existing Palm Monorail terminal, which includes 14 levels of parking spaces. Units will range from one to three bedrooms, and will be available on lease.
The development’s Tubular Tower will span 285m and will feature 59 storeys, including 44 above podium level. The Central Tower will be 205m high, with 48 storeys, including 33 above podium. The 206m Beach Tower, meanwhile, will have 48 storeys, including 33 above podium.
The waterfront living and leisure complex, to be set in landscaped grounds, will have retail, dining, and health and fitness facilities, including parks, pools, and sports courts. It will also offer panoramic views of Palm Jumeirah and the Arabian Gulf, among other landmarks, as well as have its own beach club and park
The park will be a shaded, landscaped complex with a diverse range of waterfront dining and shopping options, a pool, barbecue areas, and fitness facilities, including a jogging track.
Dubai Media Office further noted that the development will boast convenient transport links to other parts of the island and to the rest of Dubai through the Palm Monorail, which will remain operational throughout the construction of the project.
The Palm Gateway is one of a number of new projects in Nakheel’s residential leasing portfolio, which is set to double to more than 35,000 units, with other new developments coming to Palm Jumeirah, Warsan Village, Jebel Ali Village, Dragon City, Ibn Battuta Mall, and Nad Al Sheba.
The Palm Gateway is one of three high-rise developments by Nakheel on Palm Jumeirah. The Palm Tower, a 52-storey luxury hotel and residential complex at the centre of the island is under construction, while PALM 360, a 220m twin-tower penthouse, apartment and hotel complex, is currently in the design phase.