Plots sold to private Gulf investors
Dubai-based developer Nakheel says it has sold two hotel plots on Palm Jumeirahs 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 projects size and increase the retail space. Before the design review began, Nakheel was planning to tender the work in April.
You might also like...
RTA awards Dubai road infrastructure contract
27 April 2026
Joint venture to develop $5bn Egypt ammonia project
27 April 2026
Consultants confirmed for $1.4bn Cairo mixed-use project
27 April 2026
UAE projects market holds firm amid regional conflict
27 April 2026
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.
Take advantage of our introductory offers below for new subscribers and purchase your access today! If you are an existing client, please reach out to your account manager.
