Dubai master developer Nakheel said on Saturday it is launching a new, gated community of 1,000 villas – including 100 high-end, serviced residences managed by a world-renowned hotel operator.
Located in Dubai’s Nad Al Sheba district, the development will comprise a total of 900 three to five bedroom villas for lease and a separate resort-style complex of 100 high-end, serviced homes – all with private swimming pools, the developer said in a statement.
Nakheel said it has signed a contract for AED27 million with Dubai-based Arif and Bintoak Consulting Architects and Engineers for design and engineering services for the project, which has an estimated construction value of AED2.5 billion ($680 million).
The construction tender will be released within three months, with a contract awarded by the end of 2014, the company said, adding that the project is due for completion in 2016.
Nakheel chairman Ali Rashid Lootah said: “Nakheel’s new residential and resort-style community at Nad Al Sheba will further enhance our growing leasing, hospitality and retail offerings, all of which are key to our long term business strategy.
“Our current residential leasing portfolio of almost 17,000 homes continues to be in huge demand, with almost 100 per cent occupancy across the entire range.
“We expect an equally-positive response to our new development announced today.”
Spanning 2.5 million square feet, with extensive landscaping and communal park areas, Nakheel’s Nad Al Sheba community will also include a club house and retail centre with shops, cafes, a community pool and sports courts.
Nakheel said residents and guests at the 100 serviced villa complex will have exclusive access to an additional range of high-end facilities and services, an onsite health club with spa, wellness centre and lap pool, a restaurant, in-villa private dining and housekeeping and laundry services.
Residents will also enjoy exclusive access to Nakheel’s beach facilities on Dubai’s Palm Jumeirah, the statement added.
Lootah said: “This exciting new development will appeal to a wide audience, including long term leasing clients and holidaymakers looking for an alternative to Dubai’s beach resorts and city hotels. We look forward to the delivery of this new community as we continue to diversify our range of cash-generating assets in line with our future business strategy.”
Nakheel’s current residential leasing portfolio comprises almost 17,000 units at various Nakheel communities across Dubai including The Gardens, International City, Discovery Gardens and Jebel Ali Village, with more to come at Warsan Village and Nad Al Sheba.