Nakheel awards $259m Dubai Islands contract to Parkway
The contract covers 617 homes across phases 2 and 4 of Bay Grove Residences, with completion targeted for late 2028 and Q2 2029.
Nakheel, a member of Dubai Holding Real Estate, has awarded Parkway International Contracting LLC a construction contract valued at more than AED 950 million ($259 million) for phases 2 and 4 of Bay Grove Residences on Dubai Islands. The scope includes 617 homes in one to four bedroom configurations, distributed across eight residential buildings. The contract also covers basement works, infrastructure and amenities including swimming pools, sports courts and fitness centers.
Dubai Islands contract scope and delivery schedule#
Phase 2 comprises 360 homes distributed across four buildings, with main construction scheduled for completion by late 2028. Phase 4 will deliver 257 homes across four buildings, with completion scheduled for the second quarter of 2029. Nakheel previously awarded a contract exceeding AED 800 million for phases 1 and 3, which will deliver 537 homes across seven buildings. The two contracts combined exceed AED 1.75 billion and cover all 15 buildings planned for the project. Every phase now has a contractor assigned and a stated completion date.
Bay Grove Residences construction pathway#
Khalid Al Malik, Chief Executive Officer of Dubai Holding Real Estate, said the award marks another step in the delivery of Bay Grove Residences, establishing a construction pathway for a further 617 homes. He stated that the combined contracts represent a substantial investment in the community and the development of Dubai Islands. Tarek Zoabi, Managing Partner of Parkway International Contracting LLC, said the firm will deliver the works across both phases. The contract includes basement works and shared amenities across the two phases.
Dubai Islands residential development#
Bay Grove Residences is a waterfront community within Dubai Islands, a five-island destination off the coast of Deira. The master plan includes residential neighborhoods, hospitality, parks, leisure and cultural destinations. The residential component is being delivered in four phases, with construction contracts now awarded for all phases. The project's completion schedule extends through the second quarter of 2029, with phase 2 reaching practical completion approximately six months ahead of phase 4. The contract value of AED 950 million covers main construction works, infrastructure and amenities for the 617 homes in the two phases.
Construction contract details#
The homes range from one to four bedrooms across the eight buildings covered by the new contract. Amenities included in the scope comprise swimming pools, sports courts and fitness centers, along with associated infrastructure. Parkway International Contracting LLC will deliver the works under a single contract covering both phases, with phase 2 scheduled for completion in late 2028 and phase 4 in Q2 2029. The earlier contract for phases 1 and 3, valued at more than AED 800 million, covers 537 homes across seven buildings. The combined value of the two contracts exceeds AED 1.75 billion, representing the full construction commitment for Bay Grove Residences.
Sources2 sources across 2 domains
- cbnme.comcbnme.comContract value of AED 950 million, 617 homes across phases 2 and 4, completion dates of late 2028 and Q2 2029, earlier contract of AED 800 million for phases 1 and 3 covering 537 homes, combined value exceeding AED 1.75 billion
- forbesmiddleeast.comforbesmiddleeast.comNakheel awarded Parkway International Contracting a contract valued at more than $258.7 million (AED 950 million) for phases 2 and 4 of Bay Grove Residences
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