In debt Nakheel tenders for new Palm projects

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Nakheel chairman Ali Rashid Lootah.

Nakheel chairman Ali Rashid Lootah.

Indebted Dubai developer Nakheel has issued tenders for its three recently-announced shopping and leisure schemes on Palm Jumeirah.

A new tender has been floated for the Nakheel Mall - the US$680.7m complex containing five levels of retail, a roof-top plaza with fine dining restaurants, a butterfly park and a 300-room, five-star hotel spread over 40 storeys with a rooftop restaurant, swimming pool and lounge.

The mall will contain nearly 200 shops, including a 4,200 sqm supermarket and a pair of anchor department stores.

The company has also issued a tender for its The Pointe development at the tip of the Palm on the opposite side of the bay to Atlantis hotel.

It is a US$217.8m project containing a mix of luxury retail units, restaurants, cafes and patisseries.

The contractor has also issued a tender to build its most recently-announced project, Club Vista Mare.

It will be a beachfront development linked direcly to the Nakheel Mall and will be a two-storey structure containing eight cafes and restaurants, retail areas and gym facilities over 5,000 sqm. Above this will be 33 studio apartments of around 50 sqm each.

Club Vista Mare is due to start on site in the middle of 2013 and be complete by early 2015.

The Nakheel Mall project is also set to start on site later this year and be complete by 2016.

Speaking after the launch of the Nakheel Mall project earlier this month, Nakheel chairman Ali Rashid Lootah said the project "will enhance the services and facilities available to residents of Palm Jumeirah, and provide an exciting new destination for people across the UAE, including the millions of tourists who visit our country each year.”

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Posted by: Tami

Interesting, considering the amount of debt Nakheel are in and the number of projects they STILL have not completed - what will their current investors think, I wonder? I wrote an article on this subject at cashy.me here: http://www.cashy.me/en/articles/post/2013/02/21/escrow-in-the-uae-the-things-you-need-to-know/951/?cct=67&ccid=951 I think there will definitely be more than a few disgruntled buyers when reading this news!

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