Nakheel Awards Dhs174m Contracts For Palm Jumeirah Projects
Dubai developer Nakheel has awarded contracts worth Dhs174 million for the construction of two new beach-front projects on Palm Jumeirah.
Nakheel appointed United National Engineering Company (UNEC) to assemble 170 flats and swimming-pool in Azure Residences under a contract worth Dhs135.5 million, while Al Ghurair Contracting and Engineering Works gained a Dhs38.7 million contract to assemble Club Vista Mare.
Work with both projects will begin "shortly", the firm 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 10storey Azure Residences complex contains 170 apartments, an infinity pool, nine restaurants, gymnasium and also a parking lot.
Club Vista Mare functions 33 studio apartments, eight cafes / retail amenities, a fitness center and restaurants.
Nakheel, one of the worst hit during the property crash in Dubai in 2009, was taken over by the authorities under a $16 billion saving strategy finished in 2011.
The company has recovered since then and is booming in accordance with Dubai's complete property market. The developer recently announced a 58 percent year-on-year jump in its nine-month net profit.
Nakheel also launched three new projects throughout Cityscape in 2013, including a two projects and mixed use development in Deira - a crescent boardwalk and also a beachfront complex on Palm Jumeirah. The company is also, developing hotels at Ibn Battuta, Palm Jumeirah and Dragon Mart.
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