Nakheel, a leading Dubai-based developer, has signed a contract worth Dh188 million ($51.17 million) for the construction of 133 homes at Nad Al Sheba, its new high-end residential community in the UAE emirate featuring 1,572 villas and a 1.2-million-sq-ft mall.  

Nakheel has tasked Dubai-based Square General Contracting Company to build the villas in the fourth and final construction package, which brings the total contract value to nearly Dh2.6 billion ($707.68 million).  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 said.

The contract signing ceremony was attended by Ali Rashid Lootah, Nakheel chairman; Aqil Kazim, Nakheel chief commercial officer; Yousef Al Mulla, CEO, Square General Contracting Company;  Masood Al Zarooni, managing director, Nakheel Projects Construction; Khalid Murshid Al Shehi, managing director, Nakheel Procurement and Contracts; and  Imad Al Jebouri, deputy CEO, Square General Contracting.

Nakheel’s Nad Al Sheba community includes 1,572 four- and five-bedroom villas for lease, as well as a clubhouse, 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 - Dh830 million ($225.91 million) for main community infrastructure work and 489 villas; and United Engineering Construction - Dh789 million ($214.75 million) for 482 villas and Dh781 million ($212.57 million) for 468 villas. – TradeArabia News Service