Dubai’s Nakheel Properties has awarded two Abu Dhabi-based builders a AED819 million ($223m) contract to construct The Palm Tower, the company announced.
The contract will see Trojan General Contracting and National Projects & Construction jointly construct a 52-storey luxury hotel and residential complex on Dubai’s manmade Palm Jumeirah island.
The tower will comprise of 504 luxury residences and a 290-room five-star hotel occupying the first 18 floors. Dining and leisure facilities are to include a rooftop infinity pool, restaurant and viewing deck.
Prices for the residences start at AED 1.7 million and will comprise fully-furnished studios and one, two and three bedroom apartments with panoramic views of the Palm Jumeirah, Arabian Gulf and Dubai skyline.
Residents and guests will have direct access to Nakheel Mall which is currently under construction on the Palm Jumeriah.
The Palm Tower will also offer direct access via a bridge and walkways to Palm Jumeirah’s beach clubs, including Nakheel’s Club Vista Mare and Palm Promenade West Beach projects.
It is one of 10 hotels being constructed by Nakheel as part of its expansion into the hospitality sector.
