Nakheel awards Jumeirah Circle villas contract

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Dubai developer Nakheel has awarded a contract to United Engineering Construction (UNEC) for the construction of 90 homes at its sell-out Jumeirah Village Circle Villas project.

Work is expected by the end of this month, with anticipated completion by the end of 2014, Nakheel said in a statement, adding that the contract was worth nearly AED106m ($28.8m).

The 90 four-bedroom villas, which sold for a combined value of AED275m, will be constructed in a circular pattern on a landscaped area within Nakheel's 568 hectare master developed Jumeirah Village Circle community.

Each villa has a gross floor area of 3,655 sq ft, and features an expansive roof terrace.

Earlier this month Nakheel said it sold out villas launched at its Jumeirah Park and Jumeirah Village Circle developments, notching up combined sales of AED1.9bn ($520m).

Nakheel did not specify when the villas had been sold, although the vast majority were at Jumeirah Park.

The Legacy Villas at Jumeirah Park, as they are known, are currently under construction and due for completion in Q4 2014, the company said.

Government-owned Nakheel, one of the hardest hit by the emirate’s 2008-2009 property collapse, agreed a $16bn debt restructuring deal in 2011 and was forced to scale back its plans.

The firm is reportedly currently in talks with lenders to extend an AED8bn ($2.17bn) loan due in 2015.

In the company’s most recent financial quarter, the Dubai government-owned firm reported a profit of AED491m ($133.4m) in the quarter compared to a profit of AED362m in the corresponding period in 2012.

Revenue for the first quarter was AED2.2bn, up 62 percent from a year earlier.

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