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PALM JUMEIRAH, DUBAI-Details were released Monday about the proposed Trump International Hotel and Tower on Palm Jumeirah, a development of Nakheel, an entity of the government-owned Dubai World. Nakheel and Trump are partnering on the 62-story structure, which will have 399 freehold apartments and 378 hotel units. The property is reportedly being built for $1.1 billion.

However, Trump officials said they believe the property will be worth much more, proclaiming in a statement that the average apartment 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 average unit is somewhere between that range, than the residential portion of the property will be worth more than $3 billion. The company did not break down the sf per unit. Company officials are reportedly in negotiations to sell one of the penthouses for $30 million.

The tower is planned as two freestanding towers with a four-story base, converging at the 40th floor to create a diamond-shaped pinnacle. The structure will also include a five-star restaurant, a spa, a three-story club, a business center, a marina, fitness center and 50,000 sf of retail, according to a Trump statement. Company officials did not return requests for comment. Donald Trump, CEO, said in the statement that he plans to reserve a unit in the tower. “Palm Jumeirah is on course to becoming one of the world’s premier tourist destinations and the perfect location for my first venture in the Middle East,” he said.

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

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