Dubai-based developer Nakheel has sold 30 units of its new luxury residential project on the Palm Jumeirah at a combined value of nearly Dh223 million, a report said.

Construction of the Palma Residences, Nakheel’s first major residential development after completing a huge financial restructure, was expected to take around 18 months to complete, chairman Rashid Ali Lootah was quoted as saying by Arab News.

Nakheel has named Dubai Civil Engineering as the main contractor on the project in a transaction worth Dh194 million, the report said.

"We have proof that prices on Palm Jumeirah are not going down. We are selling plots of land at prices that are higher than pre-crisis levels," Lootah was quoted in the report.

Prices for Palma Residences range from Dh6-Dh8 million.

Halcrow, a leading engineering consultancy, is the beach profiling consultant for the development, which should see work start within the next five months, the report said.