Dubai-based developer Nakheel has awarded a contract worth 2.6 billion UAE dirhams ($707.96 million) to Fibrex Contracting for the construction of the Bay Villas project at the Dubai Islands. 

The waterfront community houses 636 luxury dwellings across five distinct property types, the developer said in a statement.

The Bay Villas project will include townhouses, as well as semi-detached, garden, waterfront and beachfront villas.  

In August 2022, Nakheel unveiled the new master plan for the Dubai Islands (formerly known as Deira Islands), aimed at reshaping waterfront concepts and lifestyles.

Dubai Islands master development spans five islands across 18.6 sq km. It includes approximately 59 km of waterfront, over 20 km of beaches, along with parks, golf courses, promenades and cycling paths.  It aligns with the Dubai 2040 Urban Master Plan.

Nakheel is a part of Dubai Holding’s real estate arm, Dubai Holding Real Estate.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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