Nakheel to award three major real estate deals

28 March 2008
Dubai-based developer of Palm Jumeirah and The World schemes enters final-stage negotiations.

Dubai developer Nakheel is moving closer to awarding contracts for three major schemes on the Palm Jumeirah and The World offshore developments in Dubai, as talks enter their final stages.

The contracts are expected to be worth several billion dollars.

Nakheel is in final-stage talks with the local/South African joint venture of Al-Habtoor Engineering Enterprises and Murray & Roberts Contractors (Middle East) for the AED2.5bn ($681m) contract to build the Trump International hotel and tower on the Palm Jumeirah in Dubai.

The tower, which will be one of the main landmarks on the reclaimed island, is being developed through a joint venture of Nakheel and the US’ Trump Organisation.

The 48-storey building will have a 300-room hotel and 360 apartments. It will also have a viewing gallery and restaurants on the upper levels, and will form an archway straddling the Palm monorail system, which is under construction. Australia’s Bovis Lend Lease is the project manager for the development. The UK’s Atkins is the consultant.

Also on the Palm Jumeirah, Nakheel is in negotiations with South Korea’s Samsung Corporation for the contract to build the Village Centre development.

The design of the project is being completed and the value of the contract has not been finalised. Located on the island’s trunk, the project involves the construction of a four-storey retail centre with two 42-storey resi-dential towers. It will have 120,000 square metres of retail space and 150,000 sq m of residential space. Singapore’s RSP is the consultant.

Negotiations are also ongoing between Nakheel and the Al-Habtoor/Murray & Roberts joint venture for a AED3.67bn contract for the main construction works on its Coral Island development on The World.

The project covers an area of 730,000 sq m and is located on 20 connected islands with 9.5 kilometres of beachfront that form the continent of North America.

The project will have three main elements: a marina village, a specialist spa hotel and a residential development. Atkins is the consultant. South Africa’s Mirage Mille is the project manager.

Construction activity on The World is expected to start on several developments this year, including the Oqyana - World First project.

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