Nakheel Launches 192 Luxury Studio Proj On Palm Jumeirah

Dubai-based real-estate developer Nakheel has launched a new mixed-residential development on Palm Jumeirah, but the company has yet to issue a tender for the project, the firm’s top executive said on Sunday.

The two-building project named Palm Views will include a total of 192 studio units all priced at one million dirhams ($272,300), with retail space for restaurants and selected shops on the ground level.

It will be developed over the next 18 months with handover expected in the first quarter of 2014, Ali Rashid Lootah, Nakheel ‘s chairman said Sunday.

He added the project’s financing “is secured through sales and other sources”. He refused to divulge what the other sources of financing might include.

In April, Nakheel said it had sold 30% of a new luxury residential project, the Palma Residences, also based on the Palm Jumeirah.