Dubai’s Nakheel awards $21.6m contract for St Regis Beach Club

Dubai developer Nakheel has awarded a Dhs79.7m ($21.6m) construction contract for the St Regis Beach Club on the Palm Jumeirah.

Ghantoot Gulf Contracting will build the facility, which features restaurants, fitness and gym facilities and a 100m pool, with plans for a 2019 opening.

Read: Nakheel to launch St. Regis branded beach club in Palm Jumeirah

The beach club will add to the St Regis Dubai – The Palm, a new 289-room hotel within the nearby 52-storey Palm Tower.

Nakheel said construction of the tower is 80 per cent complete in terms of concrete works. The tower will comprise 432 luxury residencies with a rooftop infinity pool, restaurant and public viewing deck.

It and the interlinked Nakheel mall, with 350shops, restaurant and other outlets are scheduled to open next year.

Read: Nakheel awards Dhs 819m construction contract for Palm Tower

The company is diversifying into retail and hospitality assets so it is less dependent on traditional real estate.

Nakheel reported a 58 per cent year-on-year increase in net profit for the fourth quarter of 2017 to Dhs1.67bn ($454.6m)

Read: Dubai’s Nakheel records 58% increase in Q4 profit