The Palm has introduced the concept of residences on water, which will be incorporated into The Palm, Jebel Ali, being developed at a cost of $2 billion. The project is scheduled for completion by end 2007.

There will be 1,060 single-storey, four-bedroom water homes, the prices of which are to be announced today at the Arabian Travel Market, confirmed senior officials of The Palm.

The new residences will be laid out in a pattern resembling a verse from an Arabic poem penned by General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence, which translates into: "Take wisdom from the wise people; Not everyone who rides is a jockey."

In a related development, Sultan Ahmed bin Sulayem, Chairman, The Palm, added that further details regarding the freehold status and related issues will be announced in a week.

The Palm is one of the projects along with developments from Emaar Properties and Jumeirah Residence currently offering freehold status to non UAE nationals.

"The Palm, Jebel Ali is conceived more as a destination island, while The Palm, Jumeirah is more a mixture of the residential and commercial," said Bin Sulayem.

"The entire trunk on The Palm, Jebel Ali will be taken up by amusement and recreational facilities plus water parks, which combine carefully with the residences and commercial establishments elsewhere on the island."

Also on the second island, four more marinas will be added, taking the total to six, plus the 'Sea Village', claimed to be the region's first sea aquarium.

As such, The Palm, Jebel Ali will be 40 per cent larger than its sister project, and will be offering 800 hectares of additional land.

Apart from the water homes, marketing of the 2,000 residential units on The Palm, Jebel Ali started last month. Details of the take-up rates to date — rated as being encouraging — will be anno-unced today.

The prices of the residential units vary from Dh1.87 million to Dh5.11 million. Also, in certain areas of the crescent, investors will be allowed to design their purchased plot as per their individual requirements.

There is a proposal being reviewed by Dubai Municipality to have a dedicated intersection from Sheikh Zayed Road leading to The Palm, Jebel Ali.