Dubai: There is still plenty of room available at the Palm Jumeirah. Nakheel has launched a three-tower cluster on its flagship development. The Palm Gateway — entailing an estimated development cost of Dh3 billion plus — creates a substantial new capacity of 1,300 homes as well as retail and fitness elements.
These residences are not going on sale but will be available on lease from the developer. Over the recent past, the developer has been focusing its operational strategy to create a substantial asset base of leased properties to go along with the sales component. Nakheel’s leasing portfolio has around 18,500 units. Its retail leasing spans more than 2.4 million square feet, with another 6.1 million square feet under development.
The new towers will be built at the existing Palm Monorail Gateway terminal, the roof of which will be transformed into a 15th floor podium with an Infinity pool, outlets and sporting facilities. (The Monorail is to be linked to the Dubai Tram and Dubai Metro.) “The project combines luxury beachfront living, shopping, dining and entertainment and some of the best water and city views in the Middle East,” said Ali Rashid Lootah, the Nakheel Chairman.
Lakeside complex
Meanwhile, the master-develop also confirmed a new lakeside residential complex featuring more than 1,400 apartments and villas. Jumeirah Heights Fronds will be located at the northern edge of its existing Jumeirah Islands community.
It will be constructed on two plots, consisting of four towers — two on each frond — and each containing 343 apartments, as well as 34 three-bedroom villas, with leasing opportunities available.
Jumeirah Heights Fronds — expected to cost around Dh1.5 billion — is also the location for Nakheel’s Jumeirah Islands’ park, recreation and retail centre.
“Jumeirah Heights Fronds will be a new community within a community — a new mix of residential, retail and leisure facilities at one of Dubai’s most sought-after locations,” Lootah said.
