Meraas Awards $123M Contract for Central Park Plaza in Dubai

Prominent Dubai-based developer Meraas, part of Dubai Holding Real Estate, has awarded a construction contract valued at over $123 million (approximately AED 450 million) for Central Park Plaza, the final residential phase in the Central Park district at City Walk.

Strategically located between Jumeirah Street and Sheikh Zayed Road, and within walking distance of Coca-Cola Arena, Central Park Plaza is set to become a defining addition to one of Dubai’s most desirable mixed-use destinations. Construction is expected to begin imminently and will be completed by mid-2027.

Project Overview

• Contract value: USD 123 million (AED 450 million)
• Scope: Two towers comprising 212 residences, one- to four-bedroom apartments, six four-bedroom townhouses, and four five-bedroom penthouses
• Completion date: Q3 2027 (estimated delivery July 2027)
• Payment plan: 20% on booking, 50% during construction, 30% on handover
• ## Prime Location and Connectivity

Central Park Plaza will offer sweeping views of Downtown Dubai, the Burj Khalifa, and the Gulf coastline. Residents will benefit from proximity to City Walk’s retail and leisure attractions, and convenient access to metro and public transport links. Business Bay, DIFC, and Dubai International Airport are all within a 15–20-minute drive.

Residential Features and Amenities

The project is designed to offer an upscale lifestyle centered around green space and wellness. Key amenities include:

• Infinity pool overlooking landscaped park areas
• Fully equipped gym and outdoor fitness facilities
• Library, media and game rooms, co-working spaces
• Spa, sauna, children’s play areas, and shaded pool
• Sports courts, BBQ zones, concierge service, and a pet park

Residences will feature open-plan kitchens, spacious balconies, sliding windows, and built-in wardrobes. Townhouses offer direct access to the park, while penthouses include rooftop pools, private elevators, and double-height ceilings.

Official Statements

Khalid Al Malik, CEO of Dubai Holding Real Estate, commented: “Central Park Plaza at City Walk represents a new benchmark in urban community living, right in the heart of Dubai. This development reflects our ongoing commitment to creating sophisticated destinations that emphasize both well-being and a strong sense of community. We’re pleased to collaborate with Naresco Contracting on this project and trust in their capability to deliver a residential experience that truly aligns with our vision for exceptional living in Dubai.”

Omar Abdulla Al Arif, General Manager of Naresco Contracting, stated: “We’re proud to contribute to the expansion of City Walk, one of Dubai’s most iconic urban communities. This partnership with Dubai Holding Real Estate is especially meaningful as it marks our first collaboration with a major master developer in the emirate. It’s a significant milestone that highlights our company’s growth over the years, and we look forward to building a long-lasting relationship while supporting Dubai’s global reputation for excellence in real estate development.”

Investment Perspective

The City Walk area has seen strong residential performance, with luxury property values appreciating by over 18% in the past two years. Central Park Plaza’s premium specifications, freehold status, and payment flexibility make it a compelling option for both investors and end-users.

Foreign buyers also benefit from eligibility for long-term UAE residency via property investment programs.

Construction is set to begin in Q2 2025, with structural progress accelerating through 2026. Sales are currently active, with brochures available and limited inventory in the penthouse and townhouse categories.