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Meraas a member of Dubai Holding Real Estate awarded Parkway International Contracting the main construction contract for Phase Three of City Walk Crestlane the Emirates News Agency reported on Monday. The agreement valued at more than AED 590 million covers four residential buildings that will deliver 394 apartments. Construction has already started and completion is scheduled for the third quarter of 2028 the developer stated in the announcement. The project extends City Walk’s walkable urban environment with contemporary homes set among landscaped open spaces and water features.
In the statement carried by the Emirates News Agency Khalid Al Malik the chief executive officer of Dubai Holding Real Estate said Crestlane’s continued expansion reflects sustained demand for design-led urban living in central Dubai. Al Malik added that 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. The executive noted that the group’s focus remains on disciplined execution and enduring quality. Residents at Crestlane will have access to swimming pools sports facilities a fitness centre a floating clubhouse and an outdoor cinema in addition to City Walk’s retail dining and leisure offerings according to project details released by Meraas.
Tarek Zoabi the managing partner at Parkway International Contracting said in the same announcement that the contractor is proud to deepen its partnership with Meraas through delivery of this latest phase of City Walk Crestlane. Zoabi stated that the teams are focused on maintaining the highest standards of safety quality and programme management throughout construction. The executive expressed confidence in applying technical expertise to support Crestlane and contribute to the continued evolution of one of Dubai’s most recognised urban destinations. Knight Frank data shows Dubai residential prices rose 1.8 percent in the first quarter of 2026 to an average of AED 1,933 per square foot marking a 10.5 percent increase from the same period a year earlier.
A Morgan’s International Realty report placed the total inventory of branded residential units in Dubai at 64,744 across 183 developments as of June 30 2026 up from 59,560 units at the end of 2025. The same assessment found the emirate added 5,184 branded residence units in the first half of the year even as transaction volumes declined 21 percent compared with the prior period. Khaleej Times cited figures showing Dubai recorded Dh286.4 billion in property sales during the first six months of 2026 marking the second-strongest first-half performance on record. These trends have supported continued investment in mixed-use communities such as City Walk.
Meraas has maintained an active development schedule across multiple neighbourhoods with City Walk Crestlane forming part of its residential expansion pipeline the Emirates News Agency noted. Earlier phases of Crestlane introduced additional towers that added hundreds of homes to the district which sits between established retail and public spaces. CBRE research indicated that while residential transactional volumes moderated in the second quarter of 2026 the underlying demand drivers including population growth to a projected 4.7 million residents by year-end have sustained activity in prime locations. The latest contract award follows groundwork contracts issued in August for enabling works at the same phase.
