en.Wedoany.com Reported - Dubai Holding Real Estate has awarded Metac General Contracting a construction contract worth AED 1.1 billion ($300 million) to build 850 townhouses in Dubai Land. The construction contract covers the first two phases of La Tilia in the Villanova residential community, including 500 three-bedroom and 350 four-bedroom homes. The first phase of La Tilia comprises 410 units, with the second phase adding 440 residences. The award of this construction contract further expands Dubai Holding Real Estate's project pipeline in Dubai's residential development sector.
Khalid Al Malik, CEO of Dubai Holding Real Estate, stated that the award of this construction contract demonstrates the sustained demand for family-centric communities in Dubai. Since its launch, Villanova has delivered 3,834 homes, catering to the mid and mid-high-end market demand in the emirate. The cumulative construction contracts for the Villanova community now cover over 4,600 residences.
According to AGBI, developers across the UAE indicate that despite regional volatility impacting the real estate market, construction activity remains stable, with major projects largely proceeding as planned. Data from the Dubai Land Department shows a 32% decline in real estate transactions between February and March. Against this backdrop, Dubai Holding Real Estate continues to advance the execution of new construction contracts.
Dubai Holding Real Estate is a division of Dubai Holding, a global investment holding company owned by Dubai's ruler, Sheikh Mohammed bin Rashid Al Maktoum. This division includes Nakheel, Meraas, and Dubai Properties. Established in 2004, Dubai Holding has a portfolio valued at over AED 280 billion. As a core development entity, the pace of construction contract awards by Dubai Holding Real Estate is seen as a key indicator of supply-side trends in Dubai's residential market.
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