Dubai-based Nakheel has announced plans to develop 1,000 villas for rent in the Nad al-Sheba area as part of its strategy to treble its revenues from its leasing, hospitality and retail properties.
The AED2.5bn ($681m) development will cover an area of about 230,000 square metres, and will comprise 900 three- to five-bedroom villas for lease and 100 resort-style serviced villas, all with private swimming pools. A hotel operator will manage the serviced villas.
The development will have a range of onsite facilities for residents, including a club house and retail centre with shops, cafes, a community pool and sports courts.
Residents and guests at the serviced villa complex will also have access to a health club with spa, wellness centre and lap pool, a restaurant, in-villa private dining, and housekeeping and laundry services.
The local Arif & Bintoak Consulting Architects & Engineers has been awarded a AED27m contract to provide design and engineering services on the project. Tenders for the construction work are due to be released within three months, and contract awards are expected by the end of this year. The project is due for completion in 2016.
Nakheel is focusing on developing projects for its leasing, hospitality and retail portfolio. Nakheels 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, said Nakheel chairman Ali Rashid Lootah.
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.