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Tue 10 Jun 2008 12:02 PM

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Nakheel awards $790mn Trump contract

UPDATE 1: Al Habtoor and Murray & Roberts win deal to build iconic tower on Palm.

Dubai developer Nakheel has awarded a $790 million contract for the construction of the Trump International Hotel & Tower on the Palm Jumeirah to a joint venture between Al Habtoor and Murray & Roberts, it said on Tuesday.

The 62-storey structure will feature two towers rising above the Palm Monorail and central park and a unit mix of 378 hotel rooms and suites, 385 condominiums, 12 exclusive townhouses and 45,000 square feet of retail and 60,000 square feet of office space.

Donald Trump, chairman of Trump Organisation, said the Trump, Nakheel and Dubai combination would make a luxury destination point which will become an "absolute necessity for the world traveller".

"Trump International Hotel & Tower Dubai will not only be spectacular, but will offer the ultimate in luxury with the finest amenities available in the world... having the combined expertise of the Al Habtoor and Murray & Roberts construction teams will ensure the greatness of our plans,” Trump said in a statement.

The building will offer panoramic views of the Arabian Gulf and a range of exclusive facilities including a private beach, yacht club, and a range of fine dining experiences, he added.

The building has become one of the most expensive in the UAE, with presales topping 12,000 dirhams ($3,267) per square foot in early May.

Only the Burj Dubai, the world's tallest building, is more expensive, with presale prices 13,000 dirhams per square foot earlier this month.

Trump International Hotel and Tower Dubai is the first joint venture between Nakheel and Trump Organisation, with construction on the project commencing in July 2008 and completion due in May 2011.

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