Nakheel awards AED 950 million contract for 617 homes at Bay Grove Residences

Nakheel, a member of Dubai Holding Real Estate, has awarded Parkway International Contracting LLC a construction contract valued at more than AED 950 million for Phases 2 and 4 of Bay Grove Residences on Dubai Islands.

The contract covers 617 homes ranging from one to four-bedroom across eight residential buildings, together with basement works, associated infrastructure and amenities including swimming pools, sports courts and fitness centres. Phase 2 comprises 360 homes across four buildings, with main construction works expected to be completed by late 2028. Phase 4 comprises 257 homes across four buildings, with completion anticipated in the second quarter of 2029.

The award builds on Nakheel’s earlier contract of more than AED 800 million for 537 homes across seven buildings in Phases 1 and 3. Together, the two contracts represent more than AED 1.75 billion in main construction awards and cover all 1,154 planned homes across Bay Grove Residences’ 15 buildings.

Khalid Al Malik, Chief Executive Officer of Dubai Holding Real Estate, said: “This award marks another important step in the delivery of Bay Grove Residences, establishing 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. Our focus remains on delivering high-quality homes, amenities and public spaces that will create a distinctive waterfront community for residents.”

Tarek Zoabi, Managing Partner of Parkway International Contracting LLC, said: “We are pleased to partner with Nakheel on the next stages of Bay Grove Residences. Our team is focused on safe, disciplined delivery across both phases, with close attention to build quality, coordination and the agreed programme.”

Bay Grove Residences is planned as a waterfront community with landscaped communal spaces, walking and cycling routes and access to Crystal Beach. 

Located off the coast of Deira, Dubai Islands is a five-island waterfront destination spanning 18.6 square kilometres. Its master plan includes residential neighbourhoods, hospitality, parks, leisure and cultural destinations as part of Dubai’s longer-term urban development.

Photo caption: From left to right: Dubai Holding Real Estate Chief Executive Officer, Khalid Al Malik, alongside Parkway International Contracting Managing Partner, Tarek Zoabi.
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