Dubai Contracting Company has been selected by Dubai Properties as the main contractor for the 1/JBR project located at Jumeirah Beach Residence [pictured].
Construction work has already commenced on the 46-storey tower, estimated to cost AED1bn ($272.2M).
The tower will feature 161 two-, three-, and four-bedroom apartments, and five-bedroom penthouses.
Dubai Properties group CEO Abdulla Lahej said: “1/JBR is an exemplary development that reinforces DP’s position as a creator of master-planned destinations and it is set to redefine the definition of luxury sea-front living in Dubai. This is exemplified by the extremely positive investor sentiment in the entire JBR area, with Dh2.893bn worth of real estate transactions recorded in just 6 months of 2016.
The project is expected to be complete in the final quarter of 2019.
* Data provided by Timetric's Construction Intelligence Center.
* Image credit: Rus S / Shutterstock.