A new luxury residential project on Palm Jumeirah

“We are selling plots of land at prices that are higher than pre-crisis levels”

Nakheel, one of the Dubai’s leading real estate developer, launched a new luxury residential project on Palm Jumeirah. The community residential – The Palma Residences will have 104 townhouses and will be a separate gated community with a Mediterranean-style design. Construction is expected to take around 18 months.

Located off the Palm Jumeirah eastern side of the trunk, the project enjoys easy access from Sheikh Zayed Road and is in close proximity to the already popular shoreline and marina residences.

“We have proof that prices on the Palm Jumeirah are not going down. We are selling plots of land at prices that are higher than pre-crisis levels,” said Rashid Ali Lootah, Nakheel’s chairman.

“I am delighted to kickstart the delivery of yet another bold, innovative and visionary project here on Palm Jumeirah. Palma Residences went on sale just one week ago. Thirty units have already been sold for a combined value of nearly AED223 million, with an additional 30 enquiries and site tours from serious potential buyers.That’s a clear sign of renewed investor confidence in Dubai real estate and in particular for unique products such as those offered on Palm Jumeirah. We have seen a very healthy demand in the first quarter of 2012, and this looks set to continue for the year,” added Nakheel Chairman.

The Townhouses are available in a choice of five styles, each offering private beach front or direct beach and swimming pool access. Each Townhouse design features: Private parking for two cars, adjacent visitors’ parking, private beach or swimming pool access, 4-5 bedrooms with ensuite bathrooms, polished marble floor tiles in reception areas, entrances and stairways, ceramic floor tiles in bedrooms, bathrooms, kitchens corridors and terraces, maid’s room with private bathroom, laundry room.

Palm Jumeirah has been called a wonder of the modern world – a man-made island, formed in the shape of a palm tree, stretching more than five kilometers into the waters of the Arabian Gulf off the coast of Dubai.