Nakheel awards Dhs23.7m contract

(10/10/2018 6:49:00 AM)

Master developer Nakheel on Tuesday awarded a contract worth more than EUR5.6 million (Dhs23.7 million) for piling work at its 260-metre PALM360 luxury hotel and residential project on Dubai’s world-famous Palm Jumeirah.

The company has named the Dubai branch of BAUER Spezialtiefbau GmbH, headquartered in Germany, for the work, which will take four months to complete.

The milestone was marked on Tuesday at Expo Real in Munich, where Nakheel is currently showcasing EUR14 billion (AED58 billion) worth of projects, including PALM360.

The process will involve driving almost 600 piles as far as 54 metres below ground in preparation for the construction of PALM360 which will be the tallest structure on Palm Jumeirah. The construction tender is expected to be released in Q1 2019, with project completion in 2021.

Meanwhile, Dubai-based master developer is back in Munich for the second consecutive year with a plethora of real estate projects – collectively worth EUR14 billion – on show at Expo Real 2018.

The only Dubai developer at the event, Nakheel is showcasing a diverse selection of investment opportunities including completed and off-plan residential units – offering rental yields of six per cent and above – and land plots for commercial, residential or hotel development at prime locations such as the world-famous Palm Jumeirah and the up-and-coming Deira Islands.

Nakheel already has more than 27,500 international investors who have spent EUR28 billion on over 42,000 land plots or built units. Europeans account for nearly 4,000 of them, with EUR1.9 billion worth of investments with the company.

The Gulf Today