Nakheel to announce Dh1b project at ATM

An upscale mixed use development, with an estimated cost of Dh1 billion plus, will be announced by Nakheel Properties at the forthcoming Arabian Travel Market (ATM) next month, confirmed a senior official close to the venture.

The development, off the Jumeirah coast, will comprise artificial islands for both hotels and residential purposes. "Our intention is to have a major announcement at the Arabian Travel Market," the official confirmed.

"All details regarding the tendering and allied details will be brought out at the appropriate time. It should be ready within a two-year time span."

Incidentally, Nakheel Properties is developing another project for the residential market - Jumeirah Islands, a cluster of 50 islands spread over 300 hectares on land just off Sheikh Zayed Road between interchanges 5 and 6.

Residents are expected to begin moving into 'Jumeirah Islands' by April, 2004.

A total of 16 villas with private swimming pools will be located on 46 of the islands. Two fronds will host townhouses with 30 houses on each frond. The properties are currently being sold from the Palm Sales Centre.

The official added: "While Jumeirah Islands is an onshore project, the new one will come off the coastline. The branding of the project will also be announced at ATM."