Work to begin on Nakheel’s Dh1.4bn Palm Gateway tower project in Dubai

Nakheel has awarded a contract to build the Dh1.4bn The Palm Gateway triple tower and beach complex above the Palm Gateway monorail station to a joint venture between Ssangyong Engineering & Construction (Ssangyong E& C) and China State Construction Engineering Corporation (CSCEC).

The developer said that work on the project is set to begin by the end of March, and that it will take two years to build, completing in the first quarter of 2018.

The project will contain three towers with 1,265 apartments in three high-rise buildings — the tallest of which will be 285 metres high. Apartments will range in size from one to three bedrooms and will be retained by Nakheel to generate leasehold income.

The entire complex will have a gross floor area of 5.5 million square feet. The tallest tower will be the 285m-high, 59-storey Tubular Tower. There will also be two, 205m, 48 floor towers — Central Tower and Beach Tower.

They will sit on top of the existing monorail station building, which already has 14 levels of parking, but 32 beach-facing apartments and 16 duplexes will be added to this, alongside retail, dining and health and fitness units.

The contract win for South Korean contractor Ssangyong E&C means that it is the third major Dubai project picked up by the firm within the past few weeks. Earlier this week, The National revealed that the company had been appointed as part of a joint venture with Besix to deliver the US$1.4bn (Dh5.1bn) Royal Atlantis hotel on the opposite end of Palm Jumeirah and last month it was revealed as one half of the joint venture building the $1bn ICD Brookfield Place tower in DIFC.

Ssangyong E&C was bought by sovereign wealth fund the Investment Corporation of Dubai about 12 months ago in a deal worth 2 billion Korean Won (Dh666.7m).

mfahy@thenational.ae

Follow The National’s Business section on Twitter