Nakheel Targets ‘Young And Trendy’ For Palm Project

Nakheel Properties, the Dubai developer bailed out by the government in 2009, will start selling 500 sq ft studio apartments on the Palm Jumeirah, its second residential project since the real estate market crashed in 2008, arabianbusiness quoted chairman.

Palm Views East and West, which will feature 192 pied-à-terre style studios priced at AED1m (US$272,250), went on sale Sunday, said Ali Rashid Lootah.

“It is targeted at the young and trendy population of Dubai. We have seen there is demand for young people who want to be living on the Palm [Jumeirah] and sharing accommodation so we are bringing a unique product that brings privacy for….those that want to live on the Palm,” he told reporters at a press conference Sunday.

Construction for the project, which will be split into two buildings either side of the marina on the luxury development, is slated to begin at the end of the year with completion due by the end of the first quarter of 2014. The ground floor will feature a fitness club and a selection of retail and food outlets.