Nakheel Awards Dhs106m Contract For 90 Villas

Dubai property developer Nakheel has awarded a Dhs106 million contract for the construction of 90 homes to United Engineering Construction LLC (UNEC).

The project will be within the developer’s Jumeirah Village Circle community. Work is expected to start immediately with an estimated completion date at the end of 2014.

The 90 villas will offer new opportunities to live at the popular location which is currently sold-out. Jumeirah Village Circle sold for a combined value of Dhs275 million.

Each home is expected to include a gross floor area of 3,655 sq ft, expansive outdoor living spaces and a roof terrace.

The move is the latest signal that the debt-laden Nakheel is clawing its way back into the limelight.

Last month the government-owned developer reported a 36 per cent rise in first-quarter net profit, up to Dhs491 million from Dhs362 million the previous year.

The developer had to agree on a $16 billion debt restructuring two years ago after it became one of the biggest casualties of Dubai’s real estate crash in 2008.