Nakheel launched a new luxury residential project on Palm Jumeirah on Wednesday, its first major development since completing a massive restructuring process. Rashid Ali Lootah, Nakheel's chairman, said construction work on the Palma Residences was expected to take around 18 months and that 30 units had already been sold at a combined value of almost Dh223 million. Nakheel, which also plans to issue the second tranche of its Dh4.8 billion sukuk by the end of April, has appointed Dubai Civil Engineering as the main contractor on the project, as Gulf news stated. "We have proof that prices on the Palm Jumeirah are not going down. We are selling plots of land at prices that are higher than pre-crisis levels," Lootah said. Prices for Palma Residences, which is located on a 61,000 square metre area of reclaimed land off the eastern side of Palm Jumeirah's trunk, range from Dh6 million to Dh8 million.
