As the world's largest man-made island transitions from an almost-permanent construction site to a nearly-finished community, several major additions are nearing completion. The tower and shopping mall will be the focal point of the island and are located near the original site for the 48-story Trump Tower.
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Although a monorail station bearing the Trump Tower name was built 10 years ago, it never saw the light of day. Now, the Palm is moving on with its new mixed-use tower, and shopping center, right next to the site of the old one. "The Palm Jumeirah has been established as not only Dubai's, it's also one of the most prestigious addresses in the world," said Taimur Khan from Knight Frank. The new Palm projects are being delivered amid an abundance of new developments in Dubai, despite falling property prices.
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This paradox can be attributed to the earlier government attempts to curb speculation by restricting mortgage loan to value ratios. Buyers required larger deposits to purchase homes. Developers quickly filled the funding gap in the primary market with stage payment plans. Investors paid instalments that matched construction milestones. This fueled a new wave in development. To date, 60% of transactions are either primary or off-plan," stated Mario Volpi, a veteran Dubai realty commentator and sales and leasing manager at Engel & Volkers.
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The Palm was the birthplace of the Dubai property dream. It gave rise to the belief that the emirate could deliver large-scale projects. Before work began on the island, most of what visitors associate with Dubai today was not there. There was no Dubai Marina, or Jumeirah Beach Residences or Mall of the Emirates Back in 2001, each morning the Dutch dredgers would sail out to the waters of the Arabian Gulf and fill their vast hulls with thousands of tons of sand sucked from the seabed Then they would return to Dubai's Jumeirah coastline and blast it from their bows in a process called "rainbowing"--describing the distinctive arc of the sand propelled from the ship to the shore in the shape of a rainbow--an image much photographed by Dubai tourists of that time Each day for five years, the ships sailed back and forth to complete the seemingly Sisyphean task of creating a palm tree-shaped island some five kilometers long and with a crescent that was twice as long. As a palm tree, the silhouettes of the sand rainbows appeared against the Jumeirah horizon each evening.
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Although the Palm didn't completely silence the doubts about some of the more ambitious projects announced at the time, it helped to establish Dubai's reputation as a place where big deals can be done quickly. Sol Kerzner from South Africa was also impressed by the Palm's ability to convince major investors to build projects such as The Atlantis. This project is a luxury resort with an enormous aquarium and extensive garden homes on the many fronds. It has been attracting both young professionals and families.
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The Palm was quickly followed by other superlative-strewn megaprojects, including The Burj Khalifa (at 828m tall and 163m high), the world's tallest building at 163m and the Middle East's largest shopping mall and observation wheel. "Despite the enormous task and delays to bring this engineering wonder to fruition. The Palm Jumeirah is composed of a trunk of two kilometers, 17 fronds, and a crescent surrounding it. It is home to some of Dubai's finest hotels and residences.
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A new wave in development is adding significantly to the island's retail and dining options. However, there are still questions about how many shops and restaurants it can absorb. The Pointe, a waterfront entertainment and dining project that cost AED800 million (US$218 millions) was opened in December 2018. It is located at the tip of the island and faces the Atlantis Hotel. It has 70 restaurants, shops, and attractions, which include a dine in cinema. The long-awaited Nakheel Mall, which will be the island's first major shopping mall, is expected to open later in the year.
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It will be located on Palm Jumeirah’s western crescent and will feature a Raffles Hotel and Raffles-branded Residences. There are 16 penthouses up the Sky Pool. PALM360 will include 331 residences. Each penthouse will be equipped with its own infinity pool and gym, as well as a cinema. The project, which will stand at 260 meters tall, is the highest structure on the island. The site preparations and piling work have been completed. However, Nakheel the developer has not yet disclosed the date for the construction of the main structure. The developer declined to comment on why property development is continuing in Dubai despite sharp declines in prices. In recent years, there have been a wide range of developments on the island, which look to be moving beyond the original Palm offerings. While the near-term outlook on Dubai property is clouded by a glut in new homes and a wider regional economic slowdown in Dubai, developers seem to have an unrestrained appetite for ultra-luxurious high rise development on Palm-Jumeirah.
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