However, Trump officials said they believe the property will beworth much more, proclaiming in a statement that the averageapartment is selling for an average of $2,450 per sf per unit.Since the units will range from 890 sf to 7,500 sf, if the averageunit is somewhere between that range, than the residential portionof the property will be worth more than $3 billion. The company didnot break down the sf per unit. Company officials are reportedly innegotiations to sell one of the penthouses for $30 million.

The tower is planned as two freestanding towers with afour-story base, converging at the 40th floor to create adiamond-shaped pinnacle. The structure will also include afive-star restaurant, a spa, a three-story club, a business center,a marina, fitness center and 50,000 sf of retail, according to aTrump statement. Company officials did not return requests forcomment. Donald Trump, CEO, said in the statement that he plans toreserve a unit in the tower. "Palm Jumeirah is on course tobecoming one of the world's premier tourist destinations and theperfect location for my first venture in the Middle East," hesaid.

The tower, which is expected to be the tallest structure on PalmJumeirah, should be complete by summer 2011. Sales have started forthe units, but the company did not release a figure of how muchhave been sold. The Palm is a man-made island off the coast ofDubai.