Construction work on the Nakheel Tower has been stopped for a year, reported The National.
“Further work on the foundations of Nakheel Harbour and Tower will commence in 12 months,†said a Nakheel spokesman according the paper .
The delay of the project is the latest in a string of delays on Nakheel’s most prominent projects as a result of the slowdown in the property market and the global economic downturn.
Developers across the UAE have said they were reviewing their projects and restructuring workforce because of the sharp drop in sales. Residential property prices dipped 8 per cent in the fourth quarter of last year, according to Colliers International, and more than 25% according real estate market sources.
Under Nakheel’s original plan, which was launched at Cityscape Dubai in October, the multibillion-dirham tower would be the centrepiece of a 270-hectare marina development called Nakheel Harbour and Tower near Ibn Battuta Mall and the Arabian Canal.
The tower would have 200 floors and 150 lifts. It would have been surrounded by as many as 40 other buildings, ranging from 20 to 90 floors. The area would be home to 55,000 people and have enough offices for 45,000 people.
Nakheel officials said at the launching ceremony that the entire Nakheel Harbour and Tower project would take 10 years to complete in phases and require 30,000 labourers.
