Nakheel unveils new project on Palm Jumeirah

Located on the eastern shoreline at the base of the Palm's trunk, the 10-storey building will offer 170 apartments and nine restaurants, including the signature Breakwater restaurant, with 360-degree water and city views. It said the project was designed with individual air conditioning systems that residents pay for directly as part of their utility bills.

The developer plans to start construction of the 140 one-bedroom and 30 two-bedroom flats this summer, and aims to complete the scheme within two years. Prices start at Dhs2.3m for the one-bed option and from Dhs4.2m for the two-bed.

The announcement follows two weeks after the developer said it would build 33 studio apartments as part of a new project called Club Vista Mare, also on the Palm Jumeirah. Nakheel said the project has sold out.

Over the past year the government-owned developer has focussed on developing new projects within its existing developments as it seeks to recover from the losses it incurred in the wake of Dubai's property market crash.

This year it plans to launch construction on its Dhs2.5bn Nakheel Mall, also on Palm Jumeirah. The mall will feature nearly 200 shops, including a 4,200 sq m supermarket and two anchor department stores, a nine-screen cinema and six medical clinics.

Nakheel's plans for 2013 also include the handover of around 3,000 units to customers and expansion of Ibn Battuta Mall.