Nakheel sells two hotel plots on Palm Jumeirah

02 July 2013

Plots sold to private Gulf investors

Dubai-based developer Nakheel says it has sold two hotel plots on Palm Jumeirah’s crescent for a combined total of nearly AED700m ($190.5m).

The developer says a plot to the west of Atlantis was sold to a GCC investor for AED556m, while a local investor purchased a plot on the eastern crescent for AED139m.

In May, the firm said it is planning to tender the contracts for the construction of its AED2.5bn ($681m) mall development on the trunk of the Palm Jumeirah in the third quarter of 2013.

The development is expected to be split into two main construction packages, one covering the mall, the other for the construction of the hotel tower. The developer is currently reviewing the designs to increase the project’s size and increase the retail space. Before the design review began, Nakheel was planning to tender the work in April.

 

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