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      Nakheel awards contract to build 500 homes on Dubai Islands

      Dubai state-owned developer Nakheel has awarded a contract to build hundreds of homes on Dubai Islands, with handover planned for 2028.

      The main construction contract, worth more than AED800 million ($218 million), went to Metac General Contracting Co for the first and third phases of Bay Grove Residences, the developer – a member of Dubai Holding Real Estate – said in a statement.

      The contract covers 537 dwellings across seven residential buildings. Phase one comprises 296 homes, while phase three has 241.

      The full Bay Grove Residences community will include 1,154 homes across 15 residential buildings.

      Plans for the remaining 617 units across phases two and four are progressing, with further construction appointments to be announced.

      In April, Nakheel awarded an AED527 million contract to build the infrastructure and utilities of Island B, or shore island, to Abu Dhabi-based Al Nasr Contracting Company.

      Nakheel unveiled the masterplan for its 17-square-kilometre Dubai Islands development in August 2022.

      Previously known as Deira Islands, the project, off the coast of Deira, will be spread across five islands and will house more than 80 resorts and hotels, 20km of beaches, parks, open spaces and golf courses.

      Dubai Holding Real Estate is part of Dubai Holding, a global investment holding company owned by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum.

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      Source: AGBI
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