Property developer Nakheel said yesterday it expects to sell a penthouse in the Dh4-billion Trump International Hotel & Tower on Palm Jumeirah for more than $30 million (Dh110 million).

"When the deal is signed for the first penthouse it will be sold for more than $30m," said Nakheel Chief Executive Chris O'Donnell.

UK-based interior designer Kelly Hoppen has designed the two penthouses in the tower. There will be 399 residences and townhouses that will be offered in three categories: the Platinum Collection, the Titanium Collection, and the Pinnacle collection. Units will range from 890 to 7,500 square feet with options in one, two, three and four bedrooms.

In a statement, Donald J Trump, Chief Executive Officer of the Trump Organisation, said: "I have created some of the world's most spectacular buildings and hotels, but my project with Nakheel will be one of the most impressive undertakings I have ever been a part of. Palm Jumeirah is on course to become one of the world's premier tourist destinations and the perfect location for my first venture in the Middle East. I'm thrilled with the early sales of the residences and I plan to reserve a property in the tower for myself. I can assure you that the hotel will be a destination in itself, providing a stunning centerpiece to the skyline of Dubai."

Donald Trump has already reserved an apartment in the tower, Nakheel said.

Sultan Ahmed bin Sulayem, Nakheel Chairman, said: "Nakheel is best known for creating larger than life developments such as the Palm islands and The World and Donald J Trump is synonymous with luxury and glamour. Both companies are famous for making the impossible possible. Working as one, Nakheel and Trump, together, will build a breathtaking and awe-inspiring structure at Palm Jumeirah and once again set the standard for big ideas and ultimate luxury. It's no surprising that with such an incredible and sought-after project we have broken sales records in Dubai which is a testament to the exclusive product we are delivering to buyers."

The 62-storey, stainless steel and glass Trump International Hotel & Tower will be the tallest structure on Palm Jumeirah.

The development, which is expected to be complete by summer 2011, comprise two freestanding towers that straddle the centre line of Palm Jumeirah, making it the gateway to the heart of the development.

The towers stand on a four-storey bisected podium structure converging at the 40th-floor to create the building's glazed diamond shaped pinnacle.

Earlier this month, Al Habtoor / Murray & Roberts joint venture was awarded the construction contract.

Properties in Palm Jumeirah have appreciated by up to 500 per cent, with some selling for up to Dh45m, Sultan bin Sulayem, Chairman of Nakheel told Emirates Business recently.

According to global commercial real estate services firm Colliers International, property prices in the UAE rose 78 per cent to more than $400 a square foot in the first quarter of 2008 from a year earlier.