Palm Jumeirah construction 70% over

Nearly 70 per cent of Palm Jumeirah has finished construction, according to a senior official from its developer Nakheel. The master plan is also being revisited at this stage, he said.

"We have finished construction on nearly 70 per cent of Palm Jumeirah. On our part, we sold a couple of fronds on the project but they still have not been built. It is part of the plan to keep them until we come up with some unique designs compared to what you have seen so far," Marwan Al Qamzi, Group Managing Director, Nakheel Development Projects, told Emirates Business.

Besides, the master plan for the project is being revisited. "You cannot freeze the master planning. You have to update it as you go. You have to update to meet market demands and customers requirements," said Qamzi.

He was speaking on the sidelines of a media visit to Marina Residences on Palm Jumeirah. Three projects visible from this waterfront project include The Kingdom of Sheba and Ottoman Palace. The latter is almost complete – all villas semi-complete, he said. "Both will finish by early April to June next year," said Qamzi. "The Kempinski Hotel is 85 per cent complete."

The contract for the Marina Residences was awarded in 2006 to Shimizu Corporation to construct the basements, superstructure, architectural works, interior finishings and landscaping of the project. Work started in March 2007.

Regarding rampant payment issues in the market, Qamzi said the developer was addressing the situation. "We are in discussions with all contractors about delays in payment since there are areas where we need to sit and discuss," he said.

The Marina Residences did not benefit from the fall in prices of building materials. "With the change in prices, we have negotiated prices on projects that were led at the peak and at the beginning of the phases. However, this was not possible with the contractor at the finishing stages on the Marina project," said Qamzi.

"This is the last one under construction for the time being from our end," he said.

The final touches on the West side of the project are still going on. "Meanwhile, the East side near the Anchor Marina, which comprises a green area with a clubhouse, will be finished in two months," said Qamzi.

The Anchor Marina is expected to berth more than 700 vessels, according to an earlier statement from the company. "The residents of Palm Jumeirah will be accorded priority in berthing," said Qamzi.

Meanwhile, he said Nakheel had not yet taken a decision on the QE2's final destination.

"We are evaluating different options for QE2 and we haven't finalised its final destination," he said. He did not elaborate further on whether Cape Town was the preferred choice.

Palm Jumeirah project is still ongoing and the next five to six years will see the island becoming one of the world's premier resorts, according to a statement from the developer.

 

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