Dubai – Mubasher: UAE’s giant property developer, Nakheel, has awarded a construction contract worth AED1.4 billion to a joint venture between Ssangyong Engineering & Construction (Ssangyong E& C) and China State Construction Engineering Corporation (CSCEC) for developing The Palm Gateway project on the Palm Jumeirah.
The project consists of three towers with 1,265 apartments, the tallest of which will be 285 metres high, along with retail stores, restaurants, as well as health and sports facilities.
Work is expected to begin in the first quarter of this year and to end within two years, the developer said.
The Palm Gateway is part of Nakheel’s growing portfolio in the residential lease sector, with a target to build more than 20,000 apartments in neighboring spots.
The Palm Tower is currently under construction following a contract worth AED819 million was awarded by Nakheel in October, 2015. It includes 504 apartments and a 289-room hotel run by Starwood Hotels & Resorts.
