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Dubai Properties awards $300m Villanova contract
Dubai Properties, a unit of Dubai Holding’s real estate division, has awarded contracts worth AED1.1 billion ($300 million) to build 850 townhouses in Dubailand.
The contract was awarded to Dubai-based Metac General Contracting, the developer said in a statement on Tuesday.
The award covers the first two phases of La Tilia at Villanova residential community, comprising 500 three-bedroom and 350 four-bedroom homes.
The first phase of La Tilia will include 410 units, while the second phase will add 440 homes.
Since its launch, Villanova has delivered 3,834 homes, meeting demand for mid-market and upper mid-market properties in the emirate.
Khalid Al Malik, CEO of Dubai Holding Real Estate, said the award of these contracts indicates the continued demand for family-focused communities in Dubai.
Dubai Holding Real Estate is part of Dubai Holding, the global investment holding company owned by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum. The division comprises Nakheel, Meraas and Dubai Properties.
Further reading:
- Dubai Holding in school partnership with Nord Anglia
- Aldar and Dubai Holding to build 14,000 homes in emirate
- Dubai rental contracts drop by a third while tenants seek discounts
Established in 2004, Dubai Holding’s asset portfolio is valued at more than AED280 billion.
AGBI reported last month that developers across the UAE said construction was holding steady despite the US-Israeli war on Iran rattling the real estate market, with major projects broadly on schedule.
The contract announcement comes as Dubai Land Department data showed that real estate transactions dropped 32 percent between February and March.
Source: AGBI