Dubai's Arabtec, Lootah win Nakheel villa contracts
DUBAI (Reuters) - Dubai real estate contractor Arabtec (ARTC.DU) and another firm have been awarded a contract worth over half a billion dirhams ($136 million) to build villas for one of the emirate's flagship developers, Nakheel NAKHD.UL.
Arabtec will build 134 luxury villas at the Jumeirah Park development in Dubai, and family owned contractor SS Lootah Group is to build 247 villas at the same location.
Nakheel's chief executive Sanjay Manchanda told reporters on Sunday that the value of the joint contract was more than half a billion dirhams. Arabtec Construction's CEO Greg Christofides said his firm's contract was worth 159 million dirhams.
Nakheel said it had sold more than 1.2 billion dirhams worth of villas in the project so far. Construction of the new villas will begin in February and the project is expected to be completed in the fourth quarter of 2014.
(Reporting by Praveen Menon; Writing by Rachna Uppal; Editing by Andrew Torchia)
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