UAE-based developer Nakheel has signed a construction contract for Dragon Towers, a new, twin-building residential complex with a total development value of AED713m ($194m), to be built at Dubai’s Dragon City mixed-use community in Dubai.
Ali Mousa & Sons Contracting has been awarded the AED552m ($150m) contract for the twin towers.
Mobilisation will begin immediately and the construction is expected to be completed in 2021.
Nakheel said that apartments in Dragon Towers will go on sale next week, and will be among other Nakheel projects to be showcased at the Cityscape Global.
The 37-storey, two-tower project, which will be directly connected to the Dragon Mart retail and trading complex, will consist of 1,142 one- and two-bedroom apartments; ground and first floor retail; four parking levels and a sixth floor podium-level clubhouse with a swimming pool, restaurant and gym.
Managed by Nakheel Malls, the retail arm of Nakheel, the 375,000ft² complex comprises 118,000ft² of ground floor showroom space, all of which has been leased, and a multi-storey car park for nearly 900 vehicles.
Dragon Towers is part of Nakheel’s retail, hospitality and residential expansion at Dragon City, which is already home to Dragon Mart 1, the world’s largest Chinese retail and trading hub outside China, and its sister mall, Dragon Mart 2, which opened in 2015, as well as an ibis Styles hotel.
The ibis Styles, Nakheel’s first hotel with 251 rooms, opened at Dragon City in 2016 and a 304-room Premier Inn is under construction.
A new showroom and car park complex and a second hotel are under construction, and further expansions are planned.
In June 2018, Nakheel assessed 11 proposals, with the lowest bid at a little under AED650m ($177m), for the construction of Dragon Towers.
Nakheel announced that construction of the third expansion at Dragon City – an AED169m ($46m) showroom and car park complex – has reached the 80% mark, with completion due in the fourth quarter of 2018.
The new facility will bring the overall size of the mixed-use development to 11 million ft².
Image: Dragon Towers. Photo: Courtesy of Nakheel PJSC.