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Nakheel has signed a construction contract worth approximately AED1.5 billion for The Palm Gateway, a three-tower property at the foot of Palm Jumeirah, with Shapoorji Pallonji Mideast appointed to carry out the work.

Construction is set to begin in the second quarter of this year, and is forecast to be completed in two and a half years.

The project includes 1,265 luxury apartments across the three high-rise buildings and is to be built on top of the existing Palm Monorail terminal, thus incorporating 14 levels of parking spaces.

Units at the waterfront complex will range from one- to three-bedrooms and will be surrounded by extensively-landscaped grounds, an abundance of retail, dining and health and fitness facilities, including parks, pools, and sports courts.