Wednesday, May 23, 2012

Nakheel launches new studio units along Palm Jumeirah

Leading Dubai-based real estate developer, Nakheel, has launched a new mixed-use residential development along Palm Jumeirah, although the company is yet to issue a tender for the project.

The project, named Palm Views, offers a total of 192 studio units, worth one million dirhams (Dh.1mn), apart from retail space including shops and restaurants are the ground level.

The construction on the development will begin towards the end of this year, and the units will be handed over by first quarter of 2014, according to Nakheel Chairman, Ali Rashid Lootah.

Speaking about the project, he said that the financing of the project is secured, through sales and other sources. Palm Views will seem appealing to youngsters who wish to own a prestigious address at an affordable price.

Located along the east and west marinas of Palm Jumeirah, the development is spread across two buildings, each of which include 96 residential units, apart from fitness club, eateries and shops, and ground-level parking.

This new project is a major shift from Nakheel’s earlier large, luxurious villas and condos projects. Lootah expressed confidence about the sale of this new project, as there is plenty of demand for this sort of project on the Palm.

Back in April, Nakheel sold 30% of its new luxury residential project, The Palma Residences, also based in Palm Jumeirah.

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