Work on the Mediterranean-style Palma Residences project on Palm Jumeirah began yesterday following the appointment of Dubai Civil Engineering as main contractor on the project. The contract for infrastructure and construction is worth AED194m (£32m) and construction is expected to take about 18 months.
Nakheel also confirmed today that Halcrow has been appointed as beach profiling consultant for Palma Residences. Beach work will start in the next three to five months.
Nakheel chairman Ali Rashid Lootah said: “Palma Residences went on sale just one week ago. Thirty units have already been sold for a combined value of nearly AED223 million, with an additional 30 enquiries and site tours from serious potential buyers. That’s a clear sign of renewed investor confidence in Dubai real estate and in particular for unique products such as those offered on Palm Jumeirah. We have seen a very healthy demand in the first quarter of 2012, and this looks set to continue for the year.”
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