Dubai developer Nakheel has awarded a contract worth approximately $381m (AED1.4bn) to build The Palm Gateway, a three-tower residential, retail and beach complex at the foot of its flagship master development, Palm Jumeirah.
Nakheel has appointed South Korea’s Ssangyong Engineering & Construction and China State Construction Engineering Corporation (Middle East) LLC to carry out the work, which is expected to begin in Q1 2016 and take just over two years to complete.
The Palm Gateway includes 1,265 luxury homes across three high-rise buildings – the tallest topping 285 metres – to be constructed on top of the existing Palm Monorail terminal, which includes 14 levels of parking spaces.
The monorail will continue operating during construction, Nakheel said in a statement.
The Palm Gateway will have a 5.5 million sq ft gross floor area over three towers that are 285m, 205m and 206m in height.