Nakheel Awards AED 950 Million Contract to Build 617 Homes on Dubai Islands
Nakheel has awarded a construction contract worth over AED 950 million to Parkway International to build 617 units in Phases 2 and 4 of Bay Grove Residences on Dubai Islands.
Nakheel, part of Dubai Holding Real Estate, announced the award of a construction contract valued at over AED 950 million to Parkway International Contracting to build Phases 2 and 4 of the Bay Grove Residences project on Dubai Islands.
The contract covers 617 residential units ranging from one to four bedrooms across eight buildings, in addition to basement, infrastructure, and key amenity works for residents.
Phase 2 comprises four buildings housing 360 units, with main construction work expected to complete in late 2028, while Phase 4 consists of four buildings containing 257 units, scheduled for completion in the second quarter of 2029.
The contract follows a previous award of over AED 800 million for 537 homes across seven buildings in Phases 1 and 3, bringing the total value of both contracts to over AED 1.75 billion across 1,154 units in 15 buildings.
What do these terms mean?
Main Construction Contract: An agreement between a developer and a contracting company to execute construction work on a project, defining the value, duration, and specifications.
Development Phase: A portion of a major real estate project that is executed and delivered in separate stages.
Infrastructure: Basic works and services serving the project, such as roads, water, electricity, and sewage networks.
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