Dubai-based developer Nakheel awarded a construction contract worth AED1.4bn to Ssangyong Engineering & Construction Co Ltd (Dubai Branch) and China State Construction Engineering Corporation (Middle East) LLC for The Palm Gateway.
The project will be a three-tower residential, retail and beach club complex located in Palm Jumeirah. Work is set to begin in Q1 2016 and expected to take over two years to complete.
The towers, topping 285 metres, will be constructed on top of the existing Palm Monorail terminal, which includes 14 levels of parking spaces.
Nakheel’s growing residential leasing portfolio is set to increase to more than 20,000 units.
Another similar project in Palm Jumeirah is The Palm Tower which is currently under construction following the AED819m contract awarded in October last year.