Developer agrees to contracts worth $654m for project that includes 1,540 residential units
Nakheel, the Dubai-based property developer, says it has signed contracts worth $654 million with three construction firms to help build a residential and retail project at Nad Al Sheba.
The developer said it expects the project to be completed by early 2018. It will include 1,540 residential units, along with retail outlets, restaurants and sports facilities, the company said in a statement.
The largest of the three contracts was a $225.9 million agreement signed with Trojan General Contracting. A $214.8 million contract was signed with United Engineering Construction, while a $212.6 million deal was agreed with Metac, the statement said.
In 2011, the developer of Dubai’s manmade Palm Jumeirah island agreed to a $16 billion debt restructuring deal. Since then it has continued to develop a number of projects, mainly focused around the high-end retail and luxury residential markets.
The developer recently announced it had signed a second management agreement with the UK’s Premier Inn for a 250-room hotel in its Dragon City development. The new hotel, scheduled to open in 2018, is part of a master plan to transform the area into a retail, residential and recreational complex spanning more than 11 million square feet.