Noticia

Dubai’s state-owned property developer, Nakheel has broken ground on a townhouse project on the Palm Jumeirah.

The Palma Residences development, which is intended to replace plans to berth the QE2 ocean liner off the man-made island, is the first major project Nakheel launches after the company’s Dhs60 million restructuring.

The developer has awarded Dubai Civil Engineering a Dhs194-million deal for the infrastructure and construction of the project.Scheduled to be completed in 18 months, the 104 townhouse-project has already seen 30 units sold for a total value of some Dhs223 million, the developer said.

In the meantime, Nakheel revealed plans to build a shopping, restaurant and marina complex called The Pointe, on the tip of the Palm Jumeirah