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Final construction package award brings total contract value to almost AED2.6 billion
Dubai - Nakheel has signed a contract worth AED188 million for the construction of 133 homes at Nad Al Sheba, its 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 announcement follows news last week that Nakheel is adding a 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.
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About Nakheel (www.nakheel.com)
Nakheel is one of the world's leading developers and a major contributor to realising the vision of Dubai for the 21st century: to create a world class destination for living, business and tourism. Nakheel continues to deliver and enhance an iconic portfolio of innovative landmark projects in Dubai across the residential, retail, hospitality and leisure sectors.
Our master developments include Palm Jumeirah, The World, Deira Islands, Jumeirah Islands, Jumeirah Village, Jumeirah Park, Jumeirah Heights, The Gardens, Discovery Gardens, Al Furjan, Warsan Village, Dragon City, International City, Jebel Ali Gardens and Nad Al Sheba. Together, these span more than 15,000 hectares and currently provide homes for over 270,000 people. Nakheel has more than 21,000 residential units under construction or in the pipeline.
Nakheel's current and future retail project portfolio covers nearly 17 million square feet of leasable space. Developments include Ibn Battuta Mall, Dragon Mart 1 and 2, Golden Mile Galleria, Nakheel Mall, The Pointe, Deira Mall, Deira Islands Night Souk, Warsan Souk, Al Khail Avenue, The Circle Mall and Nad Al Sheba Mall, as well as major extensions to Dragon Mart (renamed Dragon City) and Ibn Battuta Mall. The retail profile also includes several neighbourhood community centres.
Our growing hospitality project portfolio comprises 16 hotels/serviced apartments with 5,300 rooms at various locations in Dubai, including Palm Jumeirah, Deira Islands, Ibn Battuta Mall, Jumeirah Village and Dragon City.
Media contact: Rebecca Rees on +971 4 375 9702 or Rebecca.rees@nakheel.com
© Press Release 2016
