Work on the proposed Trump Tower, home to some of the most expensive property in the country, if not the world, has come to a halt. Courtesy Nakheel
The proposed Trump Tower on the Palm Jumeirah, a Dh2.9 billion (US$800m) project announced earlier this year, has been suspended, says the Australian construction firm contracted to build it, according to The Australian newspaper.
Citing “easing market conditions,” the Australia-listed Leighton Holdings said today the project was on hold, and that Nakheel, the developer, had agreed to cover all costs incurred to date, paper said.
The tower was to be a centerpiece of the Palm Jumeirah project. In June a buyer offered $3,000 per square foot, or close to $30m for a penthouse in the development, more than twice the going rate of Dubai’s next most expensive properties.