Nakheel appoints contractor to build residential block
Dubai-based developer Nakheel has awarded the local Trojan General Contracting a AED75m ($20m) contract to build a 12-storey apartment building on the Palm Jumeirah.
Construction is expected to begin before the end of 2014, with completion anticipated for mid-2016.
Once completed, the block will contain 130 units for lease, and it will be located in the man-made islands central trunk next to Al-Ittihad Park, with a pedestrian walkway connecting to the under construction Nakheel Mall.
Nakheel is focusing on developing projects for its leasing, hospitality and retail portfolio. It has a residential leasing portfolio of almost 17,000 homes.
In July, Nakheel announced plans to develop 1,000 villas for rent in the Nad al-Sheba area of Dubai as part of its strategy to treble its revenues from its leasing, hospitality and retail properties.
The AED2.5bn ($681m) development will cover an area of about 230,000 square metres, and will comprise 900 three- to five-bedroom villas for lease and 100 resort-style serviced villas, all with private swimming pools. A hotel operator will manage the serviced villas.
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