Nakheel is set to build a 10-storey block of flats and nine restaurants on Palm Jumeirah, the Dubai-based developer said yesterday.
The announcement comes three weeks after Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, gave the go-ahead for Nakheel to start work on its Dh3.3 billion (US$898.4 million) Nakheel Mall and The Pointe projects on The Palm.
The developer said it was also pressing ahead with the new block of 170 apartments on the man-made island.
Nakheel said the Azure Residences scheme, on the eastern shoreline at the base of The Palm’s trunk, would also include nine restaurants, including the signature Breakwater restaurant, with 360-degree water and city views.
It said the project was designed with individual air-conditioning systems that residents pay for directly as part of their utility bills.
The developer said it planned to start construction of the 140 one-bedroom and 30 two-bedroom Azure Residences flats this summer, and aimed to complete the scheme within two years.
The project will include a swimming pool, gym, 266 car-parking spaces and mooring facilities for water taxis.
Prices start at Dh2.3m for the one-bed option and from Dh4.2m for the two-bed.
Nakheel, the developer of Dubai mega projects including The World, rocked global finances in 2009 with its involvement in the Dubai World financial crisis, which led to the company restructuring its debts and receiving financial assistance from the Dubai Government.
Last month, the company announced profits of Dh2.02bn last year – a 57 per cent increase on the previous year on revenues of Dh7.8bn.
At the time the company said its total debt stood at Dh12.2bn, including Dh8bn in bank debt and Dh4.2bn in sukuk.
The company expects that it can reduce its debts by increasing off-plan sales.
This month it sold off plan all the 33 studio apartments it plans to build at its nearby Club Vista Mare scheme, which will also be located on the Palm Jumeirah.