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News In DetailNakheel launches first major Project after restructuring
Dubai : 12-Apr-2012
Dubai-based real estate developer Nakheel has launched a new luxury project on Palm Jumeirah, its first major residential development since completing a massive restructuring process. Construction of the Palma Residences is expected to take around 18 months to complete. 30 units have already been sold at a combined value of almost $60 million. Nakheel has appointed Dubai Civil Engineering as main contractor on this project in a deal worth $53 million. Palma Residences is located on a 61,000 square metre area of reclaimed land, off the eastern side of Palm Jumeirah's trunk. Engineering consultancy Halcrow has been appointed as the development's beach profiling consultant, with work scheduled to commence within the next three to five months.
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