Nakheel eyes new beachfront Palm project by 2015

Nakheel has launched Club Vista Mare, a new, beachfront residential and recreation project to be constructed on Dubai’s Palm Jumeirah. 

The project includes 33 studio apartments as well as eight cafes and restaurants, retail areas and gymnasium facilities, all with views of Palm Jumeirah’s eastern shoreline.

Club Vista Mare units cost AED1.15m ($313,000), and Nakheel plans to lease restaurant and retail space at the project shortly. 

Construction is scheduled to begin in mid 2013, with anticipated completion in early 2015.

Club Vista Mare will also be directly linked to the Nakheel Mall and Hotel, Nakheel’s newly-announced AED2.5bn ($680m) retail and leisure complex on The Palm.

The Club Vista Mare complex will span almost 5,000 sq m at ground level, with an additional 2,740 sq m of residential space on the first floor. 

Each studio covers almost 50 sq m and comes with its own private terrace with panoramic views of the Arabian Gulf, Palm Jumeirah and Dubai’s skyline, Nakheel said in a statement.

Last week, Nakheel revealed more details about Nakheel Mall which is slated to be completed in 2016.

Nakheel Mall will feature nearly 200 shops, including a 4,200 sq m supermarket and two anchor department stores, a nine-screen cinema and six medical clinics.

The new development - part of Nakheel's retail expansion strategy - was endorsed by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum earlier this month.

The indebted developer said Nakheel Mall is already drawing interest from global and local retailers.

Nakheel's plans for 2013 also include the handover of around 3,000 units to customers, investment of AED6.5bn in new projects to be completed over a three year period, expansion of Ibn Battuta Mall and continued enhancement of existing communities with local facilities including shopping centres and parks.