Nakheel pens $47.3m beachfront development deal

Developer hires builders to complete Palm projects

NEWS, Projects, Al Ghurair Contracting and Engineering Works, Azure residences, Club vista mare, NAKHEEL, Palm Jumeirah, United National Engineering Company

Contracts worth AED174m ($47.3m) have been awarded to Nakheel for the construction of two new beachfront projects on Palm Jumeirah.

The Dubai developer has appointed United National Engineering Company (UNEC) to build the 170 apartments and swimming pool at Azure Residences, under a contract worth AED135.5m ($36.8m).

Nakheel has also hired Al Ghurair Contracting and Engineering Works to build Club Vista Mare in a deal worth AED38.7m ($10.5m).

Work on both projects – two of several underway on Nakheel’s flagship Palm Jumeirah island – will begin soon, the company said, with an 18-month construction timeline for Club Vista Mare and two years for Azure Residences.

The 10-storey Azure Residences complex includes 170 one and two bedroom apartments, an infinity pool, nine restaurants, a gym and a car park for 260 vehicles.

Club Vista Mare is spread over two floors and features 33 studio apartments, eight cafes/restaurants, a gym and retail facilities.

In October, Nakheel said its nine-month net profit jumped 58% year-on-year as the company continued to benefit from the recovery in the emirate's property market.

The firm, which was taken over by the government as part of its $16bn restructuring plan completed in 2011, made a net profit of AED1.77bn ($481.9m) in the nine months to September 30, against AED1.12bn ($304.9m) in the corresponding period of 2012.

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