Abu Dhabi-based LEAD Development announced on Thursday the award of 327-million-dirham ($89 million) construction contract award to Construction General Contracting House (CGCH) for its new 242-unit Jubail Terraces community in Souk Al Jubail village located in the Jubail Island masterplan.

The AED10 billion ($2.7 billion) Jubail Island project is owned by Jubail Island Investment Company (JIIC) and developed and managed by LEAD.

The ground-breaking ceremony was held Wednesday, LEAD said in a press statement.

Jubail Terraces comprises of 242 apartments in low-rise, low-impact blocks, in addition to 23 retail units on the ground floor in each building, the statement said.

It said the mixed-use destination will be ready for handover in March 2025.

JIIC has started the handover of land plots in March and expects to handover villas and townhouses in December 2023.

Atkins has been appointed to supervise the construction.