Abu-Dhabi based Metac General Contracting has been awarded the contract to build the new development that will be a part of the 608,000 square feet waterfront park and recreational hub. The developer has sold at least 40% 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 AEDh4.2m.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.
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 AED2,360 per square metre in the second quarter, from AED1,725 per sq metre in the same period last year. Vacancy rates have also fallen to 8% in the overall retail market from 13% a year ago. Villa sales rose by 23% year-on-year.