Ssangyong Engineering & Construction’s Dubai unit and China State Construction Engineering (Middle East) have secured a contract worth AED1.4bn ($381.1m) from Nakheel to build The Palm Gateway at Dubai’s master development Palm Jumeirah.
Located at the entrance to Palm Jumeirah, The Palm Gateway will be a residential, retail and beach club complex.
The new development will feature three high-rise buildings, which will accommodate 1,265 luxury homes. The housing units will range from one to three bedrooms and will be available on lease.
The tallest building will be 285m high and will be built on top of the existing Palm Monorail terminal that will include 14 levels of parking spaces.
The property will also feature its own beach club and park, which is a shaded, landscaped complex with multiple waterfront dining and shopping options, pool, barbecue areas as well as fitness facilities such as a jogging track.
Work on the project is slated to commence in the first quarter of 2016 and take more than two years to complete.