Dubai developer ends contract with Samsung C&T for Palm Jumeirah village centre
Nakheel has terminated a $1.1bn contract on the Palm Jumeirah village centre with South Korean builder Samsung C&T. The state-linked Dubai developer appointed the contractor on 30 September 2008 and the contract was due to finish in October 2013. Samsung C&T said in a regulatory filing that the contract was terminated on 2 April at the client鈥檚 request 鈥渋n accordance with the conditions of the contract鈥� and 鈥渘ot by failures of Samsung C&T鈥檚 contractual obligations鈥�.
The Palm Jumeirah Village Center is a mixed use development comprising 120,000m虏 of retail space and 150,000m虏 of residential. It includes a four-storey retail centre with two 42-storey residential towers.
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