Dubai: Nakheel announced the launch of The Palm Tower Residences, according to a company statement released on Monday.
The 504 units are housed in Nakheel’s 50-storey development on Palm Jumeirah.
The Palm Tower, part of the Nakheel Mall and hotel complex, includes serviced and fully-furnished studios, as well as one to three bedroom apartments, with prices starting from Dh1.5 million.
“The Palm Tower combines luxury living with comfort and convenience, and brings yet more amenities to Palm Jumeirah,” Ali Rashid Lootah, Chairman of Nakheel, said in a statement.
The Palm Tower also includes a five-star 290-room hotel, according to the statement. Nakheel plans to build nine hotels over the next three to five years as the company expands into the leisure and hospitality sector.
The Palm Tower is set to be completed in 2016.
Residents can have direct access to The Palm Monorail and Nakheel Mall. Nakheel Mall will have 300 shops, including department stores, a supermarket, cinemas, a medical centre, a fitness centre, cafes and restaurants. Construction of the mall is expected to start in the second quarter of this year.