The Palisades is ‘going ahead’

A spokesperson for Pearl Properties, which is developing the US $2.7 billion (AED10 billion) Palisades project in Dubai, confirmed that the project is ‘definitely going ahead'.

Sami Hennawi, financial manager of Pearl Properties said: "The project is definitely going ahead. The reason for the delay is not because of the material costs, but because we are still waiting for final approvals from Dubai Municipality."

"We put up the fencing and got the site office in place but didn't proceed with any other work in order to avoid running into any trouble with the authorities as we don't have our approvals in place."

Hennawi added that the company is hoping to receive approval from Dubai Municipality before the end of April.

"Once we receive the approvals we will begin phase one infrastructure and construction work simultaneously."

Hennawi also said that the company is currently in negotiations with a number of contractors for the main construction package and an award is expected to be made this month.

The Palisades, which was launched in late 2006, is set to be a mixed-use project covering an area of 1.4 million m2 and will include townhouses, villas and apartments.

Hennawi added that phase one of the project is scheduled for completion in the second quarter of 2010, while the entire project will be finished in 2011. Source