Nakheel, part of Dubai Holding Real Estate, has awarded Parkway International Contracting LLC a construction contract worth more than AED950 million ($259 million) for 617 homes at its Bay Grove Residences project on Dubai Islands.
The contract covers Phases 2 and 4 of the waterfront community, the developer said in a statement on Monday.
The 617 homes, ranging from one to four bedrooms, will be spread across eight residential buildings. The scope also includes basement works, associated infrastructure and amenities such as swimming pools, sports courts and fitness centers.
Phase 2 comprises 360 homes in four buildings, with main construction works expected to be completed by late 2028. Phase 4 comprises 257 homes in four buildings, with completion expected in the second quarter of 2029.
Nakheel previously awarded a contract of more than AED800 million for 537 homes across seven buildings in Phases 1 and 3 of the project.
Together, the two awards amount to more than AED1.75 billion in main construction contracts and cover all 1,154 planned homes in the project’s 15 buildings, the company said.
Khalid Al Malik, chief executive of Dubai Holding Real Estate, said the award established “a clear construction pathway for a further 617 homes.”
“Together with the contract already awarded for Phases 1 and 3, it represents a substantial investment in the community and the long-term development of Dubai Islands,” he said.
Tarek Zoabi, managing partner of Parkway International Contracting, said the contractor would focus on “safe, disciplined delivery across both phases.”
Dubai Islands, located off the coast of Deira, is a five-island development covering 18.6 square kilometers. Its master plan includes residential neighborhoods, hotels, parks and leisure and cultural destinations.
