The Palm Jumeirah to welcome first residents by the end of 2006

Nakheel has confirmed that phase one of The Palm Jumeirah is on schedule with the first residents expected to begin moving into their property by the end of 2006.

The first stage of construction includes 1,350 villas on 11 of the fronds of the island and 2,650 Shoreline Apartments within the 20 buildings located on the East side of the trunk. From the commencement of reclamation in August 2001 to the first residents moving in will have taken little more than five years.

Sultan Ahmed Bin Sulayem, Executive Chairman Nakheel, said, “After all the talk, excitement, challenges and anticipation, the eighth wonder of the world is turning from a dream into a reality. It has taken 94 million cubic metres of sand and seven million tonnes of rock to create the world’s largest man-made island and it’s a staggering achievement to think that just five years after placing the first grain of sand in the Arabian [Persian] Gulf our first residents will begin to move in.”

“The Palm Jumeirah is an incredible feat of design, engineering and creativity that has already become an icon of Dubai to the world, but the journey does not end here and over the next 2-3 years we will continue to make several exciting announcements and reach further milestones until The Palm Jumeirah becomes one of the world’s premier resorts, offering the finest beachfront hotels, retail and leisure facilities.”

Nakheel will begin an integrated handover period from November 30 to facilitate the enormous task and logistical applications in mobilising the 4,000 residential dwellings and transition with homeowners.

Manal Shaheen, General Manager, VIP Sales, said, “The Palm Jumeirah has already become a flagship project for Dubai, but now we must ensure that our very first residents can move into their property smoothly and without delay. From November 30 we are expecting several thousand people to start the process of taking up their residence at The Palm Jumeirah and we will endeavour to serve each homeowner with the dedicated care and attention that is expected.”

“We have spent many months planning for this handover and I am 100% confident in the team we have put in place; however, throughout this process I would like to ask for our customer’s patience and understanding. There is no doubt that handing over 4,000 residential dwellings in a huge undertaking, but our customers can rest assured that we will not rest until the very last resident has taken possession of their home at what is arguably Dubai’s most prestigious address.”

Approximately 5km by 5km in size, The Palm Jumeirah will create 560 hectares of land and add 78 kilometres to the Dubai coastline - more than a 100% increase. The construction process is proceeding at a rapid pace with key milestones being achieved on a regular basis.

The process of adding 78 kilometres of beach is well underway, while eight of the 32 hotels on The Palm Jumeirah have begun construction including the Taj Exotica Resort & Spa which is planned for completion in late 2008 / early 2009, and Atlantis, The Palm - the first phase of which is scheduled to be completed by December 2008.

The Golden Mile, which is located along the centre of the trunk overlooking the canal will include an international shopping, office and residential destination covering some 60,000 square metres, is on track for the first Quarter of 2008. Construction has also begun on the Palm Monorail which will take three years to complete and will serve as a transit system between the Gateway Station at the trunk of The Palm Jumeirah and the Atlantis Station on the crescent, calling at two intermediate stations.

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