Dubai real estate developer, Nakheel, has signed a contract worth AED188 million for the construction of 133 homes at Nad Al Sheba, a new high end residential community featuring 1,572 villas and a 1.2 million square foot mall.
Nakheel has tasked Dubai-based Square General Contracting Co. LLC to build the villas in the fourth and final construction package, which brings the total contract value to nearly AED2.6 billion. The first three packages, covering 1,439 homes, were awarded last year.
The news follow the addition last week where Nakheel is set to add 1.2 million sq ft mall to the master community, which is rapidly rising along Dubai’s Sheikh Mohammed Bin Zayed Road. A construction tender for Nad Al Sheba Mall is expected to be released before the end of 2016.
Nakheel’s Nad Al Sheba community includes 1,572 four and five bedroom villas for lease, as well as a club house, community pool, sports courts, all set in landscaped grounds containing parks, walkways and water features. The project is set for delivery in 2018.
Nad Al Sheba is one of the latest projects in Nakheel’s growing list of leasing and retail offerings. The company’s current residential leasing stock amounts to 18,000 units, but that number is set to double under an aggressive growth plan which will see another 18,000 come on line in the next five years. Nakheel’s retail portfolio covers 17 million sq ft of retail space across 15 large-scale malls in operation, under construction or in the pipeline.
The three previously-awarded construction contracts for Nad Al Sheba went to Trojan General Contracting (AED830 million for main community infrastructure work and 489 villas); United Engineering Construction LLC (AED789 million for 482 villas) and AED781 for 468 villas.
Source: Thomson Reuters ZAWYA