Nakheel has signed three construction contracts for villas in Nad Al Sheba complex

15.09.2015
Three construction contracts for 1500 Nad Al Sheba affordable houses worth a total of USD 650 million.

Dubai master developer Nakheel has picked up three main contractors for villas and all necessary infrastructure construction in its Nad Al Sheba residential project in Dubai.

The total cost of these three contracts is USD 650 million. The scope of works and their cost were evenly distributed between the three companies, who had won the tender. USD 226 million contract for the construction of 489 villas and infrastructure was the largest of three — it was awarded to Abu Dhabi-based Trojan Contracting. The second contract worth USD 214 million for the construction of 482 villas was given to a Dubai-based United Engineering Construction, and the third one, worth USD 212 million, for 468 villas and infrastructure was granted to the Abu Dhabi-based contractor Metac General Contracting.

Affordable villas in the Nad Al Sheba are developed by Nakheel for the leasehold income, as well as serviced apartments, which are also planned to be constructed within the complex. Villa community will be situated just behind the Meydan One and Meydan Racecourse areas, between Al Khail Road and Sheikh Mohammed bin Zayed Road, where it borders Dubai Silicon Oasis and International City.

Initially Nakheel was planning to build about 900 villas and 100 serviced apartments in Nad Al Sheba, but as the project moved forward it has grown bigger. According to Asteco managing director John Stevens, Dubai is in dire need for additional affordable property for rent. “There is a growing managerial and junior managerial class [in Dubai]. You need three or four of them for every managing director, and there is a huge demand from them, he said.

“There are always satellites in terms of Ajman, RAK and Sharjah, but then you need to take transport needs into consideration. The population is growing and the city is growing and it needs that segment.”

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