HLG pens $395m deal to build residential towers
Development includes two towers, a podium, retail and parking
Habtoor Leighton Group (HLG) has secured a $395m (AED1.45bn) contract to construct the residential towers project in Dubai.
The complex is part of the $3bn Al Habtoor City development and will include two 75-storey residential towers, one 52-storey residential tower and a seven-storey podium, complete with basement, ground floor and five floors of retail and parking.
HLG is currently constructing the $515m (AED1.9bn) Al Habtoor City hotel development on an adjacent site, which will be the Middle East’s largest integrated resort when it is completed in 2016.
HLG CEO and managing director, José Antonio Lopez-Monis, said: "We've successfully delivered major projects for the Al Habtoor Group in the past, and this project further demonstrates the confidence Mr. Khalaf Al Habtoor has in HLG.
"We're delighted to be selected to build what will be one of Dubai's most prestigious and recognisable developments."
Mr. Al Habtoor added: “I have confidence in the Habtoor Leighton Group. HLG has built some of the most prominent landmarks in Dubai and the UAE – including Terminal 3 at the Dubai International Airport, the
world famous Burj Al Arab and The Officers’ Club in Abu Dhabi.”
Mr. Lopez‐Monís said the recent announcement that Dubai would host World Expo 2020 would provide a boost to the Dubai construction market.
“We have an optimistic view on the Dubai construction market and anticipate a significant increase in building and infrastructure opportunities over the next few years,” he said.
HLG’s associated business, HSSG, is currently undertaking the enabling works for the project. The total value of construction, including consultant costs and piling but excluding interior fit‐out and furniture, is $441m
(AED1.62bn). Construction will commence as soon as enabling works are completed and the main project will be completed 32 months later.