Dubai-based developer Nakheel has unveiled plans for a luxury housing development called The Palm Tower Residence on Palm Jumeirah.
The Palm Tower Residence will feature 504 luxury units in the 50-storey Palm Tower development, which is part of the new Nakheel mall and hotel complex.
Palm Tower is expected to be completed in 2016 and will feature a number of studios, as well as one to three-bedroom apartments.
Palm Tower will include an 18-storey hotel, featuring an array of dining and leisure facilities, including a rooftop restaurant, viewing tower and infinity pool.
The tower will have direct access to The Palm Monorail and Nakheel Mall, which will house 300 shops, including department stores and a supermarket, a cinema, medical centre, fitness centre and dozens of cafés and restaurants.
Construction of the mall is anticipated to commence in the second quarter of this year.
After completion, the retail complex will also have a roof terrace with 12 fine dining outlets and island, sea and skyline views.
Nakheel chairman Ali Rashid Lootah said that The Palm Tower Residence will combine luxury living with comfort and convenience, and bring more amenities to Palm Jumeirah.
"This is the perfect investment opportunity for people who want to be part of the vibrant community and diverse lifestyle that has turned Palm Jumeirah into one of the world’s most sought after places to live and visit," Lootah said.
Nakheel said the Palm Tower is part of its expansion into the hospitality and leisure sector.
The company said other locations for its hotels are Deira Islands, Ibn Battuta, International City and Dragon Mart.
Nakheel is planning to construct nine hotels over the next three to five years. The first will be at Dragon Mart and is scheduled to open later this year.
Image: The Palm Tower Residence will feature a mix of studios, as well as one to three-bedroom apartments. Photo: courtesy of Nakheel.