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Dubai Holding’s Nakheel Properties has awarded three contracts worth $1.36bn (Dhs5bn) to construct 723 ultra-luxury villas on the first six fronds of Palm Jebel Ali.
The property developer said in a statement that the three contracts were awarded to Ginco General Contracting, Shapoorji Pallonji Mideast, and United Engineering Construction Company (UNEC). The work is set for completion by the end of 2026.
Palm Jebel Ali’s Beach and Coral Collection villas offer a new level of waterfront luxury. With 539 five- and six-bedroom options and 184 seven-bedroom villas, residents can choose from eight unique architectural styles.
The spacious homes (8,000 – 15,000 sq ft) are part of a master-planned community with roads, utilities, and landscaping, all designed to meet the high standards of Dubai’s 2040 Urban Master Plan.
“Palm Jebel Ali represents the pinnacle of waterfront living and reflects Dubai’s vision of growth and prosperity. It is set to contribute significantly to the emirate’s economic development, attracting investment and tourism for years to come,” said Khalid Al Malik, CEO of Dubai Holding Real Estate.
The latest villa construction contracts follow previous contracts awarded earlier this year for the commencement of infrastructure, public access roads and marine works on Palm Jebel Ali.
Ginco General Contracting will deliver 197 villas on Fronds O and P. Shapoorji Pallonji Mideast will construct 275 villas on Fronds M and N, while UNEC will lend its expertise to the development of Fronds K and L, constructing 251 villas in total.
Palm Jebel Ali will offer a luxurious and convenient lifestyle with pedestrian-friendly neighbourhoods, breathtaking sea views, and a wide range of recreational activities. Residents and visitors will enjoy the benefits of smart city technology, sustainable practices, and easy access to everything they need.
The awarding of the contracts comes just months after Nakheel and Meydan were merged into Dubai Holding’s sprawling real estate portfolio to create a “more financially efficient entity”.
Dubai Holding is reportedly considering setting up a real estate investment trust (REIT) to capitalise on the emirate’s property market.
Last year, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved a new development plan for Palm Jebel Ali, reviving a project that was halted in 2008 amid the global credit crisis.
The new master plan for Palm Jebel Ali will include 80 hotels and resorts and add 110km (68.4 miles) to the emirate’s coastline.
