Nakheel has signed a construction contract worth nearly AED1.5 billion for The Palm Gateway, a new, three-tower residential, retail and beach club complex in Palm Jumeirah.
Nakheel has appointed Shapoorji Pallonji Mideast LLC to complete the work, which will begin in Q2 2017 and take two and a half years.
Nakheel Chairman Ali Rashid Lootah said: “The Palm Gateway contract is among AED12 billion worth of construction contracts to be awarded by Nakheel this year.
“We look forward to delivering another iconic, landmark project at the entrance to Palm Jumeirah through this first-time collaboration with Shapoorji Pallonji.”
The Palm Gateway includes 1,265 luxury apartments across three high-rise buildings to be constructed on top of the existing Palm Monorail terminal, which includes 14 levels of parking spaces.
The Palm Gateway is one of a number of new projects in Nakheel’s residential leasing portfolio, which is set to double to more than 35,000 units, with other new developments coming to Palm Jumeirah, Warsan Village, Jebel Ali Village, Dragon City, Ibn Battuta Mall and Nad Al Sheba.
The project is one of three high rise developments by Nakheel on Palm Jumeirah. The Palm Tower, a 52-storey luxury hotel and residential complex at the centre of the island is under construction, while PALM 360, a 220 metre twin-tower penthouse, apartment and hotel complex, is currently being designed.