Dubai developer Nakheel has awarded contracts worth Dhs174 million for the construction of two new beachfront projects on Palm Jumeirah.
Nakheel appointed United National Engineering Company (UNEC) to construct 170 apartments and swimming pool in Azure Residences under a contract worth Dhs135.5 million, while Al Ghurair Contracting and Engineering Works won a Dhs38.7 million contract to build Club Vista Mare.
Work on both projects will begin “soon”, the company said in a statement.
Construction on Club Vista Mare is slated for completion in 18 months, while Azure Residences has a construction timeline of two years.
The 10-storey Azure Residences complex includes 170 apartments, an infinity pool, nine restaurants, gym and a car park.
Club Vista Mare features 33 studio apartments, eight cafes/restaurants, a gym and retail facilities.
Nakheel, one of the worst hit during the property crash in Dubai in 2009, was taken over by the government under a $16 billion rescue plan completed in 2011.
The company has recovered since then and is booming in line with Dubai’s overall property market. The developer recently announced a 58 per cent year-on-year leap in its nine-month net profit.
Nakheel also launched three new projects during Cityscape this year, including a mixed-use development in Deira and two projects – a crescent boardwalk and a beachfront complex on Palm Jumeirah. The company is also developing hotels at Palm Jumeirah, Ibn Battuta and Dragon Mart.