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Nakheel and Souq Residences, a joint venture between IFA Hotels and Resorts and Istithmar World, have reached an agreement on the Golden Mile mixed-use development on Palm Jumeirah.
Nakheel will assume full ownership of the remaining unsold units in the Golden Mile, which comprises residential, office and retail space, while Souq Residences is relieved of substantial liabilities. The deal paves the way for more local facilities, including a supermarket, shops and cafes, at Golden Mile, benefiting residents of the ten-building complex and those living in other parts of Palm Jumeirah.
More than 430,000 sq ft of retail and office space, plus a number of residential units, is available at the development. The Golden Mile has 860 residential units on the western trunk of the island.
Did you know about the Palm Jumeirah Boardwalk construction deal signed??
Source: Property Weekly