Dubai Properties awards main contractor for 1/JBR
Worth over $272m, the 46-storey tower will include 161 two-, three- and four-bedroom apartments and five-bedroom penthouses, located at the entrance of Jumeirah Beach Residence
Dubai Properties (DP) has awarded Dubai Contracting Company (DCC) the contract for its 1/JBR residential project, the developer announced at a press event on Sunday.
The agreement was signed by Abdulla Bin Lahej, group CEO, Dubai Properties and Ian Harper, contract director at DCC, marking the Dubai-based construction company as the official contractor for the high-end luxury project.
Worth over $272m (AED1bn), the 46-storey tower will include 161 two-, three- and four-bedroom apartments and five-bedroom penthouses, located at the entrance of Jumeirah Beach Residence (JBR). Prices for the two-bedroom apartments will start from $1.4m (AED5.39m) with sales already commencing.
The project, which was launched at the end of 2015, began piling works at the end of last year and is scheduled for completion in Q4 2019.
Abdulla Bin Lahej, Group CEO, Dubai Properties 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.”
Masood Al Awar, CCO of Dubai Properties said on Sunday that the new development will be self-funded and that more details regarding cost will be released as the project progresses.
Each apartment will have high-end finishing and fixtures from floor to ceiling windows, two privately appointed parking spaces and private elevators for the penthouse apartments.
Dubai Properties (DP) has said vaguely that it hopes to launch more projects over the course of the year, though it did not provide further details.