Nakheel signed three different contracts worth AED 2.4 billion ($653.4 million) for construction work at its new mixed-use community of more than 1,500 villas and serviced residences at Nad al Sheba.
Spanning 2.5 million square feet, with extensive landscaping and parks, Nakheel said its Nad Al Sheba community includes 1,439 three to five bedroom homes for lease and a separate, resort-style complex of around 100 high-end serviced villas, all with private pools.
The community, expected to be completed in early 2018, will also feature a club house, community swimming pool, sports courts and retail centre with around 30 shops and cafes.
Residents and guests at the separate, serviced villa complex will have exclusive access to an additional range of high-end facilities and services, including a health club with spa, wellness centre and lap pool, a restaurant, in-villa private dining, housekeeping and laundry services.
The project will be built in three stages by UAE-based Trojan General Contracting, United Engineering Construction LLC and Metac General Contracting Company.
Nakheel said in a statement that the first stage is an AED830 million contract awarded to Trojan for main community infrastructure work and the construction of 489 villas.
The second stage is an AED789 million deal that is awarded to UNEC for 482 villas and infrastructure work while package 3, worth AED781 million, has been given to Metac for 468 villas and infrastructure.
Nad Al Sheba is one of the latest projects in Nakheel's growing list of leasing, hospitality and retail offerings. The company has more than 15,000 new residential units for lease in the pipeline, including the 1,400-plus at Nad Al Sheba and 10,000 at Jebel Ali Gardens, launched at Cityscape last week, adding to its current residential leasing stock of 17,000 units.
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