Nakheel has a busy year for project deliveries
Master developer Nakheel has a busy year ahead in terms of handovers. This encompasses residences, hotels and shopping malls, some iconic addressed included.
A top official said the Deira Islands Night Souk, Premier Inn Dragon City, Avani Ibn Battuta Mall, the Nakheel Mall in Palm Jumeirah, the St Regis Dubai, The Palm, and Nad Al Sheba Residences are some of the prominent deliveries for the developer this year.
The five-star, 289-room St Regis will occupy the first 18 floors of the 52-storey Palm Tower located on the trunk of the Palm Jumeirah. This is part of Nakheel’s Dh3 billion hospitality portfolio, under which it has approximately 6,500 hotel rooms in its portfolio, either delivered or under development.
“We are building hotels that also fit in the luxury mould. But, we are mostly focusing on three to fourstar hotels,” Aqil Kazim, chief commercial officer, Nakheel, said during a site tour in Dubai on Tuesday.
The developer has also tied up with Spain’s RIU and Thai group Centara for hotels on Deira Islands. It has roped in Raffles to operate the hotel component in its upcoming project, the 260-metre-tall Palm360, which will be one of the tallest towers on the Palm Jumeirah upon completion. Piling work is underway and design is in advanced stages on this flagship project, the executive informed.
Meanwhile, construction is complete on 432 luxury residences spread across 30 floors in the Palm Tower. However, the homes will only be delivered in 2020.
“The residences come fully furnished and with a seven-year payment plan. The price of a studio starts from Dh1.7 million and a 2-bedroom from Dh10 million. All 3-bedroom apartments have been sold out. All apartments will offer one of the four views: Atlantis, Marina skyline, Burj Al Arab or the Palm Gateway towers,” said Kazim.
According to Lewis Allsopp, CEO of Allsopp & Allsopp: “The Palm Tower is a very luxurious project and the pricing structure reflects this. Buyers looking to invest in affluence in a hugely iconic area should consider this development.”
However, Allsopp added that at the moment, most buyers interested in investing in property on the Palm Jumeirah are looking for readily available units such as Shoreline and Marina Residence apartments, which offer more value for money and instant rental returns or a home to live in for enduser buyers.
Level 52 of the Palm Tower will offer a public viewing deck at 240 metres. Nakheel will operate this space and a fee will be levied for tickets. The access point for this viewing deck will be through Nakheel Mall.
“The public viewing deck on the 52nd floor will be a pit stop for visitors and tourists en route to the Atlantis, The Palm,” said Kazim.
The Palm Tower also includes an infinity swimming pool perched 210 metres above ground — one of the highest in the world, similar to Marina Bay Sands in Singapore. The pool is on the 50th floor of the Palm Tower. Above the pool will be a podium housing a club and a speciality restaurant. This will be on an exclusive access basis.
The Dh1.2 billion Palm Tower will be connected with the under-construction Nakheel Mall, which is 70 per cent leased out, and a Monorail station. The mall has 1.1 million sqft of leasable area and features 350 retail and F&B outlets.
The mall will have three access points for cars, three for pedestrians and a separate Monorail station. Al Ittihad Park will also offer access to the Nakheel Mall while there will be two tunnels connecting it to the surrounding Marina Residences. The mall will not have a utility roof, instead it features a glass dome with F&B and retail.
“The St Regis hotel, club and Nakheel Mall will be handed over in 2019. The hotel fit-out work is ongoing,” explained Kazim.
“The Palm Tower is a lifestyle product, which is what Dubai is looking for. There is water frontage from all sides: this is the project’s USP,” concluded Kazim.
The Palm Tower residences come fully furnished and with a seven-year payment plan
Aqil Kazim, chief commercial officer, Nakheel
Buyers looking to invest in affluence in a hugely iconic area should consider this development
Lewis Allsopp, CEO of Allsopp & Allsopp