Project FinanceData
Nakheel awards Dh800m contract for 537 Dubai Islands homes
Metac General Contracting to deliver seven Bay Grove buildings across phases 1 and 3 by late 2028.
Nakheel awarded Metac General Contracting Co a main construction contract worth Dh800 million ($218 million) to build 537 homes at Bay Grove Residences on Dubai Islands. The contract covers phases 1 and 3 of the waterfront development, with main construction works expected to be completed in late 2028. Bay Grove Residences sold out prior to the contract award, according to Gulf News.
Phase breakdown and unit mix#
The first phase will deliver 296 homes in four residential buildings, and the third phase will deliver 241 homes in three residential buildings. Units in both phases range from one bedroom to four bedrooms. Metac General Contracting Co has been appointed to carry out the works across the seven buildings. The contract scope covers basement construction, infrastructure works associated with the buildings, and resident amenities such as swimming pools, play courts and a fitness centre.
Development timeline and remaining phases#
When complete, Bay Grove will contain 1,154 homes in 15 residential buildings. Phases 2 and 4 will account for the remaining 617 homes, and Nakheel stated that plans for those phases are progressing, with further construction appointments to be announced. The community is designed as a waterfront development with landscaped communal areas, walking and cycling routes and access to Crystal Beach. Khalid Al Malik, CEO of Dubai Holding Real Estate, stated that the contract award moves the community into its next stage of delivery and marks another step in the development of Dubai Islands.
Dubai Islands master plan context#
Bay Grove sits within the Dubai Islands development, located off the coast of Deira. The master-planned destination spans five islands with more than 20 kilometres of beaches. Planned components include parks, open spaces, golf courses, hotels, cultural hubs and waterfront residential communities with views of the Arabian Gulf. Dubai Holding Real Estate is the parent entity of Nakheel.
Sources2 sources across 2 domains
- gulfnews.comGulf NewsContract value of Dh800 million, scope covering 537 homes across phases 1 and 3, completion date of late 2028, unit breakdown by phase and bedroom count, sell-out status, Khalid Al Malik attribution
- meed.comMEEDUSD equivalent value of $218 million for the contract award
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