Business | Construction
Nakheel's exclusive penthouse on Palm Jumeirah will fetch Dh110m
American property tycoon Donald Trump and Dubai master-developer Nakheel on Monday launched the sale of their first joint venture, the Dh4 billion Trump International Hotel and Tower.
- By Suzanne Fenton,Staff Reporter
- Published: 13:34 June 23, 2008
- Trump Tower on the Palm Jumeirah. The Dh4 billion Trump International Hotel & Tower on Palm Jumeirah began selling apartments at Dh11,000 per square foot.
- Image Credit: Supplied Picture
New York: American property tycoon Donald Trump and Dubai master-developer Nakheel on Monday launched the sale of their first joint venture, the Dh4 billion Trump International Hotel and Tower.
The project, to be built on the Palm Jumeirah, the first among the Palm trilogy, has generated a strong response with prices crossing Dh11,000 per square foot and making it one of the most sought after projects in the region.
Trump International Hotel & Tower, US building mogul Donald J. Trump's first in the region, will provide Trump's renowned luxury, service and exclusive amenities in a building that is poised to become a stunning landmark on the Dubai skyline.
In addition to a range of one- to four-bedroom units, the Tower will feature the most coveted and expensive penthouse in Dubai.
Donald J. Trump has already reserved an apartment in the Tower.
Pre-sales of some properties have sold for as much as $3,000 per square foot, and the average price per square foot is $2,450. Public sales of the residences began yesterday.
Nakheel chief executive Chris O'Donnell said he believes that "when the deal is signed for the first penthouse it will be sold for more than $30 million (Dh110 million)."
The 62-storey tower will be the centrepiece of the Palm Jumeirah as it is located on the trunk itself.
The tower will comprise 399 residential apartments, including 387 apartments and 12 townhouses. The hotel itself will have 378 rooms.
The total land area of the site is 45,000 square metres with a built-up area of 250,000 square metres, including parking for 1,200 cars.
The structure will be made of stainless steel and glass and when complete, it will be the tallest structure on the Palm at 275 metres.
It is designed to permit an unblocked view of the Palm Jumeirah up to Atlantis and the Arabian Gulf.
A gap between the two towers will allow the metro to run directly up the trunk of the Palm.
Share this article
More from Construction
More from Business
Popular in Business
-
XPRESS
Way to go this DSF
A fun-filled route to guide you to all the happening dos in town
Business Editor's choice
-
Travel insurance offers peace of holiday mind
The wisest thing to do is to take out travel insurance before you leave.
-
Controlling risk through managed account
Can be simple stand-alone master funds or can grow to include several special purpose vehicles
-
Regional banking in throes of light and darkness
Loan-loss provision growing but lenders withstanding crisis
