By Andy Sambidge
Developer says prices at The Palm Tower Residences will start at $408,000
Nakheel on Monday launched The Palm Tower Residences - 504 luxury units housed in Nakheel's new, 50-storey landmark development on Palm Jumeirah.
The Palm Tower, part of the new Nakheel Mall and Hotel complex at the heart of the island, includes a mixture of serviced, fully-furnished studios and one, two and three bedroom apartments.
Prices start from AED1.5m ($408,000), the Dubai developer said in a statement.
The Palm Tower, due for completion in 2016, also includes a five star, 290-room hotel with an array of dining and leisure facilities, including a rooftop restaurant, viewing tower and infinity pool - all of which are available to people living in the Palm Tower Residences.
The hotel rooms will occupy the first 18 floors of the tower, Nakheel added.
There is also direct access to The Palm Monorail and Nakheel Mall, a new retail, dining and entertainment destination, on which construction will start in Q2 this year.
Nakheel chairman Ali Rashid Lootah said: "The Palm Tower combines luxury living with comfort and convenience, and brings yet more amenities to Palm Jumeirah. This is the perfect investment opportunity for people who want to be part of the vibrant community and diverse lifestyle that has turned Palm Jumeirah into one of the world's most sought after places to live and visit."
The Palm Tower will be Nakheel's flagship hotel, under the company's expansion into the hospitality and leisure sector.
Other locations for Nakheel hotels are Deira Islands, Ibn Battuta, International City and Dragon Mart. Nakheel plans to build nine hotels over the next three to five years, with the first - at Dragon Mart - opening in 2014.
* Nakheel no longer responds to media enquiries from Arabian Business, nor does it grant Arabian Business access to any of its media events or announcements.
Nice to see Nakheel selling yet another "hole in the ground" development. Hopefully this time they will use the deposit monies to finish existing projects rather than buying more flag poles to line the roads.
AHHHHHHHHHH, it looks like as there is no mention of beach access, that these properties will have to pay extra to enter the beaches also. So sad!
I wish Nakheel would first pay us back the money they took for projects that got cancelled before they begin new projects.
It has been in their control for over 2 years now and there is nothing we can do about it.
This project sounds very familiar....
Oh yea - The Trump Tower which was launched to much fanfare and press.
Did the poor investors who put their money into that get every dirham back?
What is it now? A public park!!