Ssangyong, China State to build mixed-used high-rise project
The developer Nakheel has awarded a construction contract worth $381 million for The Palm Gateway project on its manmade island in Dubai.
Ssangyong Engineering & Construction (Dubai Branch) and China State Construction Engineering Corporation (Middle East) clinched the deal, the developer said in a statement.
A three-tower residential, retail and beach club complex at the foot of The Palm Jumeirah, the project is expected to begin construction this quarter and take just over two years to complete.
The Palm Gateway will include 1,265 luxury homes across the three high-rise buildings, with the tallest topping out at 285 metres. It will be constructed on top the existing Palm Monorail terminal, which includes 14 levels of parking space.
Apartments within the development will range from one to three bedrooms, and will be available on lease. The waterfront complex will also have retail, dining and health and fitness facilities, including parks, pools and sports courts.
Nakheel said The Palm Gateway will have transport links that will connect the various parts of The Palm Jumeirah island together, while also providing links to the rest of Dubai. The Palm Monorail, which will remain operational throughout the construction of the project, is already connected to the Dubai Tram and Dubai Metro.
The Palm Gateway is one of number of projects in Nakheel’s growing residential leasing portfolio, which is set to increase to more than 20,000 units, with other new developments coming to Palm Jumeirah, Warsan Village, Jebel Ali, Dragon City and Nad Al Sheba.
Nakheel is also building The Palm Tower, a 52-storey luxury hotel and residential complex, at the heart of Palm Jumeirah, next to Nakheel Mall.
Construction on that project is underway, following the award of a $222.98 million contract in October, 2015. The Palm Tower will consist of 504 luxury residences, which are on sale now. The development will also house a 289-room hotel, which will be operated by Starwood Hotels and Resorts, under its St Regis brand.
The Palm Gateway at a glance
– A trio of towers comprising 1,265 apartments and duplexes for lease
– 5.5 million sq ft gross floor area
– Tubular Tower (285 metres, 59 floors including 44 above podium level); Central Tower (205 metres, 48 floors including 33 above podium); Beach Tower (206 metres, 48 floors including 33 above podium)
– 32 beach-facing apartments and 16 duplex within existing 14-storey Gateway building
– Almost 4,000 parking spaces
– 15th floor landscaped podium deck with pool, sports courts and 8,600 sq ft of retail space
– Beach club with kiosks and restaurants
– Gym, spa, pools, sports courts and jogging track
– Supermarket and food court within podium building
– Palm Monorail onsite, with links to the Dubai Tram and Dubai Metro