UAE-based contractor ALEC has secured a contract valued at AED600m ($163.3m) from Select Group for the main works of Jumeirah Living Marina Gate, a waterfront development in Dubai Marina.
The current contract brings the total project value for The Residences at Marina Gate to AED1.6bn ($435.6m).
Jumeirah Living Marina Gate, which features 104 serviced apartments, 389 private residences and 15 villas, is the third and last tower within the luxury Marina Gate development. Jumeirah Living Marina Gate was launched in the first quarter of 2017.
In January 2016, Select Group inked an agreement with Jumeirah Group to manage this development under its Jumeirah Living brand.
Now, the enabling works have been completed and the main contractor has fully mobilized onsite. The development, which includes 1.3 million square feet of built up area, is likely to be completed during the fourth quarter of 2019.
Select Group CEO Rahail Aslam said: “We remain steadfast in our commitment to excellence. The appointment of a world class contractor like ALEC is further testament to our continued strategy of working with tier one partners and suppliers.
“The long term outlook for real estate in UAE remains positive and Jumeirah Living Marina Gate is set to raise the bar in luxury residential developments. With the commencement of main works we aim to deliver this project on schedule and to the highest standards.”
ALEC CEO Kez Taylor said: “We are delighted to be involved in the construction of The Residences at Marina Gate I, II and Jumeirah Living Marina Gate. It is a fantastic development in a great location and we are proud to be working alongside Select Group to make this project a success.”