On a recent statement, Nakheel stated that it awarded the billion-dirham contract of Palm Gateway Dev’t. to Shapoorji Pallonji Group, an Indian engineering company to work on constructing the residential and retail complex located in Palm Jumeirah.
The said agreement is part of the valued 12 billion dirham contracts anticipated this 2017 from the developer.
The company called Shapoorji Pallonji Mideast, a member of the Shapoorji Pallonji Group located in Mumbai is scheduled to begin the construction quarter of this year, working on a 3 tower Palm Gateway dev’t. anticipated to be finished within two and a half years.
According to a recent statement from the chairman of Nakheel, Ali Rashid Lootah, the Palm Gateway contract is included in a series of construction contracts valued at about 12 billion dirhams to be awarded by the company this year.
The Palm Gateway project involves 1,265 luxury apartment and duplexes throughout the 3 towers with the highest standing at 285 meters high. It will be built above the present Palm Monorail terminal which contains fourteen parking areas. The monorail will still continue with its operations throughout the building of the project. The complex’s 1 up to 3 bedroom apartments will be put on lease while it features 8600 sqft. of retail spots.
Because of this project, the portfolio of Nakheel on the residential lease will increase twice to around 35,000 units. The latest projects will be built in Warsan Village, Dragon City, Palm Jumeirah, Ibn Battuta Mall, Jebel Ali Village and Nad Al Sheba.
The present supply of more than 400 thousand residential units in the city of Dubai for 1st quarter is anticipated to grow this 2017 with at least part of the 28000 units currently being built scheduled for delivery by final quarter of 2017 as per broker company JLL. JLL further stated that there’s a decrease of 1.1% quarter on quarter on apartment rentals throughout the first 3 months of 2017.
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