Real estate developer Nakheel has awarded contracts worth over AED500m ($134m) to two construction firms, Arabtec and Lootah, for the construction of 381 villas at its Jumeirah Park development in Dubai, UAE.
As per the contracts, Arabtec will build 134 luxury villas for AED159m ($43m) while Lootah will construct the remaining 247 villas.
Located near the Jumeirah Islands community, Jumeirah Park will spread across 370ha and offer three different styles of villas namely Legacy, Regional and Heritage.
The project will eventually feature 2,000 villas, of which 545 villas have been completed to date.
Construction of the new villas is expected to start in February 2013 and complete in the fourth quarter of 2014.
Legacy type villas will have a large open hall overlooking a back garden and closed kitchen.
The ground floor will feature a guest room while the first floor will incorporate four bedrooms, each having its own terrace.
Every villa is provided with a closed garage for two cars as well as a large garden.
Nakheel said that it has sold over AED1.2bn ($326m) worth of Legacy Villas.
In July 2012, Nakheel had signed a AED27.5m ($7.4m) contract with Parkway International Contracting for the construction of the new 10,600m² Jumeirah Park Community Centre.
Earlier In 2012, Nakheel had launched two projects, The Palm Residence, and Palm Views East & West on the Palm Jumeirah.
Nakheel recently sold 122 residential villa plots in Jumeirah Village Circle, a 860ha master development south of Al Khail Road, with a value of over AED113m ($30m).
Image: The Jumeirah Park development will feature 2,000 villas in three different styles. Photo: Jumeirah Park Dubai.