Nakheel has awarded a Dh146 million contract to build more houses and shops at its Jumeirah Islands development in Dubai.
New houses and a recreational centre at Jumeirah Islands are scheduled to be ready by 2016.
It awarded the contract to Abu Dhabi-based Metac General Contracting to build 84 town houses and eight retail blocks that will be a part of the 608,000 square feet waterfront park and recreational hub.
The developer has sold at least 40 per cent of the town houses. It is yet to start leasing the retail space.
Work on the town houses and the eight retail units is expected to begin in two months. The construction was initially due to start last year.
Jumeirah Islands comprises 736 villas on 50 islands. Prices of the new town houses now start at Dh4.2m.
While rents at community centres and smaller malls grew slower than at the larger malls in the second quarter, spending from tourists and local residents increased, boosting the local retail market, according to the consultancy JLL in its second quarter report.
With an improving economy, both the retail and residential property markets in Dubai are expected to remain buoyant. In the secondary retail market, rents rose to Dh2,360 per square metre in the second quarter, from Dh1,725 per sq metre in the same period last year. Vacancy rates have also fallen to 8 per cent in the overall retail market from 13 per cent a year ago.
Villa sales rose by 23 per cent year-on-year.
Each of the new four-bedroom town houses at Jumeirah Islands will be spread over 3,630 sq ft. The units will be built in two phases of 53 and 31 homes.
The eight retail blocks will cover 37,500 sq ft and will anchor the Jumeirah Islands Park featuring 10 retail outlets, including a supermarket and four food and beverage outlets, a park, sports courts and a jogging track.
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