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Nakheel cancels Village Centre contract with Samsung

Local developer Nakheel has cancelled its estimated $1.1bn contract with South Korea’s Samsung Corporation to build the Village Centre development on the Palm Jumeirah.

Located on the island’s trunk, the project involved the construction of a four-storey retail centre with two, 42-storey residential towers. It would have had 120,000 square metres of retail space and 150,000 square metres of residential space (MEED 31:12:08).

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