Local developer Nakheel has launched another new residential project on its Palm Jumeirah development in Dubai.

The Palm Views is the latest scheme on the developer’s artificial island that has been launched this year. The development will consist of two buildings, one on each side of the marina. Each building will feature 96 residential units.

The apartments will cover a total area of 500 square feet and will be priced at AED1m. Each building will have a ground floor plus four additional floors. The ground floor in each building will feature restaurants, a gymnasium, beverage outlets and mini-markets.

The development was designed by Lebanon’s Dar al-Handasah.

Nakheel expects the design phase to be finished by the end of the summer and is planning for contractors to be on site before the end of year. The project is scheduled for completion by the end of the first quarter of 2014.

The Palm Views project is the third scheme that Nakheel has launched on its Palm Jumeirah development this year.

In April, the developer appointed the local Dubai Civil Engineering (DCE) to build the Palma Residences. The Palma Residences is a gated community comprising 104 town houses on 61,000 square metres of land off the eastern side of the Palm Jumeirah’s trunk. The properties will have four or five bedrooms, and each unit will have private parking for two cars. The project was Nakheel’s first new development project since Dubai’s property market crashed in late-2008.

Nakheel, which restructured billions of dollars of debt in 2010 as a result of the market crash, also recently approved the award of a consultancy contract for a new mall on the Palm Jumeirah development.