Meraas Awards AED 590 Million Construction Contract for City Walk Crestlane Phase 3
DUBAI, UAE — Sept. 7, 2026 — Meraas, a member of Dubai Holding Real Estate, has awarded Parkway International Contracting (L.L.C.) a main construction contract valued at more than AED 590 million for the delivery of 394 apartments across four residential buildings comprising Phase 3 of City Walk Crestlane, located in the Al Wasl/Jumeirah district of central Dubai. Construction has already commenced, and completion is anticipated by Q3 2028.
Contract Details and Project Scope
The contract covers the construction of four residential buildings within the Crestlane master plan, an extension of the City Walk mixed-use precinct off Al Safa Street near City Walk Mall. At a contract value of more than AED 590 million across 394 units, the award represents a per-unit construction cost of approximately AED 1.5 million.
Khalid Al Malik, Chief Executive Officer of Dubai Holding Real Estate, said: "Crestlane's continued expansion reflects sustained demand for design-led urban living in central Dubai. This main construction award advances the next stage of delivery, building on City Walk's distinctive combination of high-quality homes and an established walkable urban environment. Our focus remains on disciplined execution and enduring quality."
Tarek Zoabi, Managing Partner at Parkway International Contracting, said: "We are proud to deepen our partnership with Meraas through the delivery of this latest phase of City Walk Crestlane. Our teams are focused on maintaining the highest standards of safety, quality and programme management throughout construction. We look forward to applying our technical expertise to support the development of Crestlane and contribute to the continued evolution of one of Dubai's most recognised urban destinations."
Unit Mix, Sizing, and Pricing Context
Crestlane Phase 3 offers a range of apartment configurations including one-, two-, three-, and four-bedroom units as well as duplex residences. Indicative size ranges span from approximately 772 to 810 square feet for one-bedroom units, 1,169 to 1,230 square feet for two-bedroom units, 1,765 to 1,900 square feet for three-bedroom units, and 4,600 to 4,986 square feet for four-bedroom apartments and duplexes.
Marketing materials for City Walk Crestlane Phase 3 have placed entry pricing from AED 2.6 million for one-bedroom units. Earlier phases of Crestlane are reported to have transacted at approximately AED 2,900 to AED 3,200 per square foot, with Phase 1 selling out at around AED 3,100 per square foot. Later Crestlane launches have been priced from AED 2.8 million.
Crestlane's Multi-Phase Pipeline at City Walk
City Walk Crestlane is being delivered across multiple phases within the broader City Walk master plan. An earlier launch communication described initial Crestlane phases as comprising two mid-rise towers offering 394 modern residences. In December 2025, Meraas launched Crestlane 4 and Crestlane 5, adding 201 residences and 159 homes respectively across two mid-rise towers per phase, with those phases offering one- to four-bedroom and duplex product from AED 2.8 million.
Designed as an extension of City Walk's walkable urban environment, Crestlane combines residential buildings with landscaped open spaces and water features. Across the wider community, residents will have access to swimming pools, sports facilities, a fitness centre, a floating clubhouse, and an outdoor cinema, alongside City Walk's established mix of retail, dining, leisure, and public spaces.
Location and Connectivity
City Walk Crestlane Phase 3 is situated in the Al Wasl/Jumeirah district of central Dubai, within walking distance of City Walk Mall. The project provides convenient access to Downtown Dubai, the Dubai International Financial Centre, Jumeirah Beach, Sheikh Zayed Road, and Dubai International Airport.
The Phase 3 construction contract marks a continued buildout of Meraas's urban residential pipeline in one of Dubai's central submarkets. With construction now underway, delivery of the 394-unit package is scheduled for the third quarter of 2028.
Sources
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