The rehabilitated property developer Nakheel gets construction bids for The Pointe shopping and entertainment complex on Palm Jumeirah island
Dubai developer Nakheel receives bids for The Pointe project on Palm Jumeirah
Nakheel, the builder of Dubai’s man-made islands, said it had received construction bids for one of its new retail and entertainment project called The Pointe.
The Dubai-based developer, which teetered on the brink of bankruptcy during the emirate’s debt crisis in 2009 but has staged a comeback alongside a recovery in housing prices, said yesterday it had started the evaluation process for construction of the new project. The winners of the bid round are to be announced in the first quarter of 2014.
The ground preparation work, which includes vibro-compaction, topographic surveying and factual site investigation work, was completed earlier in 2013, it said.
Situated on Palm Jumeirah, The Pointe is to be built on 136,000 square metres. It is to be accessible by road, a monorail network and water taxis and will also have parking.
Nakheel is to start leasing out more than 200 spaces in The Pointe within a month. As well as shops, restaurants and entertainment outlet, The Pointe is to feature a huge fountain.
Other projects that Nakheel is undertaking on Palm Jumeirah include Nakheel Mall, The Boardwalk and Palm West Beach.
Nakheel’s net income increased 57 per cent to Dh1.2 billion in the first half of 2013 as demand for property picked up. The company’s sales in the same period rose 36 per cent to Dh4.23bn and the company expected to have handed over 3,000 new homes by the end of 2013.