Nakheel selling new Palm townhouses

Nakheel has finally commenced sales of its townhouse project on Palm Jumeirah, launched in September 2011, at prices ranging between Dh6 and Dh8 million.

Located off the Palm Jumeirah eastern side of the trunk, Palma Residences will have 104 townhouses and will be separate gated community with a Mediterranean-style design.

The project was previously named The Palm Residence, comprising 102 townhouses.

In a statement, Ali Rashid Lootah, chairman of Nakheel, said: “We are looking forward to the opening day sales of Palma Residences, these sales will be a clear ‘seal of approval’ from the market.”

The townhouse community is centred on six landscaped green areas, covering a total of more than 3,200 square metres. These feature two e community pools with seating areas, Jacuzzis and children’s pools.

Real estate agents told Emirates 24/7 that prices are similar to Canal Cove town homes, a cluster of three and four bedroom beachfront properties on Palm Jumeirah, which are selling for Dh 6 million to Dh7.5 million.

On March 28, a senior Nakheel executive said the company was selling properties in Palm Jumeirah at prices higher than the pre-crisis period.

“Our sales are strong and we are selling at record prices, which are higher than pre-crisis prices mostly in Palm Jumeirah,” interim chief executive officer Sanjay Manchanda said.

He added that demand was “fantastic” for Nakheel’s luxury projects and Palm properties now selling for Dh15,600 to Dh16,150 per square metre.

Asteco, a real estate consultancy, said earlier this week that apartment prices in Palm Jumeirah have risen nine per cent to Dh12,900 per square metre in the first quarter compared to the fourth quarter of 2011.

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