Palm Mall is the new construction project that Nakheel has
taken up this October and has awarded the tended as well. This mall is going to
be made exclusively for the residents of The Palm Jumeirah and will also be
constructed in The Palm Jumeirah Islands. Nakheel has awarded the tender to RSP
and the contract was settled in 6.8 million US dollars while the RSP has
expressed gratitude after winning the tender.
Nakheel has been going through tough times for the last
couple of years and has been loaded with debts, though the situation has begun
to improve since the latter half of the previous year. Nakheel is also going
through some legal matters over The Palm Jumeirah properties as it was sued by
the residents in some cases while in other cases Nakheel had filed cases
against the agents. The process is not over yet but things have started to go
Nakheel’s way now because most of the arbitration with the property owners has
been completed.
Now this latest project in The Palm Jumeirah depicts that
the company is now regaining the momentum. The project will start in 2013 as
per the company and will be completed by 2014. Mr. Sanjay Manchanda, the CEO of
Nakheel expressed gratitude to engage with the RSP and stated that Palm Mall
will be a source of attraction for the investors as well as residence seekers
in posh areas of Dubai and this will certainly be a great addition to the
magnificent Palm Jumeirah Islands.
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