Wednesday, Apr 11, 2012
DUBAI (Zawya Dow Jones)--Dubai master-developer Nakheel said Wednesday it has sold 30% of its new luxury residential project The Palma Residences and awarded Dubai Civil Engineering a 194 million United Arab Emirates dirhams ($52.8 million) infrastructure and construction contract.
"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," Nakheel Chairman Ali Rashid Lootah said, adding that buyers included U.A.E. nationals and expatriate residents.
"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 this year," he added.
Dubai Civil Engineering will be the main contractor on the project and construction will start immediately. Work is scheduled for completion in 18 months and Halcrow has been appointed as beach profiling consultant for the project. Halcrow's beach work will start in the next three to five months, Nakheel said in a statement.
Palma Residences will be located on 61,000 square meters of reclaimed land off the eastern side of Palm Jumeirah's trunk and includes 104 Mediterranean-style residential units, each with direct pool or beach access. Prices of units range from AED6 million to around AED8 million.
-By Tahani Karrar-Lewsley, Dow Jones Newswires; +9714 446-1692; Tahani.Karrar@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
11-04-12 0903GMT
