Nakheel to build 192 studios on the Palm

Dubai: Nakheel has secured financing to build 192 studio apartments on the Palm Jumeirah, the real estate developer said yesterday.

Construction on the development, called Palm Views, is scheduled to begin later this year and will be finished by the end of the first quarter of 2014, Nakheel's chairman told reporters.

The units cover 150 square metres and are on sale for Dh1 million.

"Palm Views will appeal to young, vibrant individuals and couples who want a prestigious address at a price they can afford," said Ali Rashid Lootah, adding that Nakheel's first-quarter profit will beat the same period last year when announced this week.

Nakheel says the project, located at the Palm Jumeirah's east and west marinas, is spread over two buildings, each containing 96 residential units, a fitness club, a selection of eateries and shops, and ground-level parking.

The new project is a shift from Nakheel's earlier focus on large, luxurious villas and condos.

"Such type of project does not exist on the Palm. There is a lot of demand for this, especially among the youth. We are confident that it will sell," said Lootah.