US property mogul Donald Trump and Dubai-based developer Nakheel have launched the sale of their first joint venture, the Dhs4bn ($1.1bn) Trump International Hotel and Tower. The project, to be built on the Palm Jumeirah, has generated a strong response with prices crossing Dhs11,000 per square foot, according to the developer. Nakheel CEO Chris O'Donnell said he believes the first penthouse will be sold for more than $30m.