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.