Dubai master developer 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 at the foot of the world-famous Palm Jumeirah.
Nakheel said in a statement that it has appointed Shapoorji Pallonji Mideast to carry out the work, which will begin by the end of June and take two and a half years to complete.
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 – the tallest topping 285 metres – to be constructed on top of the existing Palm Monorail terminal, which includes 14 levels of parking spaces. Units range from one to three bedrooms and will be available on lease.
The waterfront living and leisure complex will also have an abundance of retail, dining and health and fitness facilities, including parks, pools, and sports courts, Nakheel said.
It added that the Palm Gateway will also have its own beach club and park with a diverse range of waterfront dining and shopping options, pool, barbecue areas and fitness facilities, including a jogging track.
The Palm Gateway is one of a number of new projects in Nakheel’s growing 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 Palm Gateway 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.