Palm Jumeirah Crosses 70% Construction

According to Nakheel, the developer behind Palm Jumeirah, 70% of its construction has been finished. A senior official said that the master plan is also being visited.

Marwan Al Qamzi, Group Managing Director of Nakheel Development Projects told, "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. 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.”

The Kingdom of Sheba and Ottoman Palace are the inclusions of this waterfront project. Ottoman Palace is almost complete according to Qamzi. He added, “Both will finish by early April to June next year. The Kempinski Hotel is 85 per cent complete.” Work of Marina Residence started in March 2007 after Shimizu Corporation was awarded the contract in 2006 to construct superstructures, basement, architectural works, landscaping of the project and interior finishing.

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.

The developer confidently remarked that Palm Jumeirah project will witness the island emerging as one of the pioneers in resorts in the coming five to six years.