Dubai's Nakheel launches new Palm project

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(AFP/Getty Images - for illustrative purposes)

(AFP/Getty Images - for illustrative purposes)

Dubai’s Nakheel will build 170 new apartments on its flagship development Palm Jumeirah as part of a new project called Azure Residences, the firm said on Monday.

Construction work on Azure Residences, located on the eastern shoreline at the base of the Palm’s trunk, is expected to begin mid-2013 and be completed within two years, the developer said in a statement.

The beach-front development will feature 140 one-bedroom apartments priced at AED2.3m (US$626,000) and 30 two-bedroom units priced at AED4.2m.

The announcement follows two weeks after the government-owned developer said it would build 33 studio apartments as part of a new project called Club Vista Mare, also on the Palm Jumeirah. Nakheel said the project has since sold out.

Nakheel, one of the worst hit in Dubai’s property boom, has been slowly recovering from Dubai’s crippling real estate collapse.

The developer, which was brought under direct government control as part of the restructuring of its parent Dubai World, said last month it had delivered around 4,000 units to its customers since the start of its restructuring in August 2011.

The firm reported a 57 percent rise in annual profit for 2012 while revenues increased 91 percent to AED7.8bn. The developer awarded construction contracts valued at more than AED1.4bn for new projects, including Dragon Mart Phase 2 and Palma Residences, last year.

The developer expects to hand over around 3,000 units to customers in 2013.  

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Posted by: Dany Wilde

Moreover, this project is very ugly and does absolutely not fit in the landscape.
And we dont talk about the finish.....
With all this. the palm is loosing value.
And they pretend having a vision in sustainable development!!

Posted by: Red Snappa

Where exactly is the funding coming from for this rush of new projects. Last I heard Nakheel needed to raise US$ 900 million to fund Nakheel Mall and The Pointe retail developments alone. Then, it emerges there is another US$ 1.8 billion program ongoing to expand Ibn Battuta Mall and enhance existing communities with retail centres and parks.

Exactly who will be keen to lend to as extravagantly indebted an entity as this, that made a profit of US$ 550 million over the whole of 2012, most of which must go toward the US$ 16.1 billion in restructured debt. I'd be wanting a sizeable piece of the Palm Jumeirah as collateral.

Posted by: Wildwine

No worries, lot of people seem to have very short memories; they are looking for a new set of cowboy investors.
I am looking forward to how things will unfold this time around.

Posted by: Nsp

There is somebody who doesn't understand the market requirements taking decisions in planning and is going to completely ruin the exclusivity of the palm and vision to build. who ever you are , you are very lucky to be in the position you are and dont deserve it.

Posted by: Rich

Hang on. $1.14 million for a two bedroom unit on the Palm.

Good luck to all the people who buy those.

Posted by: Anonymous

sucker money....meanwhile Palm Jebel Ali lies dormant, probably "dead" for years if not forever....and the investors??? Sorry folks, there is NOTHING you can do.

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