Dubai Construction Company has been granted by Dubai Properties the agreement for its 1/JBR residential project, the developer declared during a recent press conference.
The contract was made between Abdulla Bin Lahej, group CEO, Dubai Properties & Ian Harper, contract director at DCC, marking the Dubai-based construction company because the official contractor for the high-end luxury project.
Valued at more than 272 million dollars or AED 1 billion, the 46-storey building will encompass 161 2-4 bedroom residences and 5 bedroom penthouses, settled at the opening of Jumeirah Beach Residence. Costs for the two-bedroom residences can begin from 1.4 million dollar or AED 5.39 million with sales already commencing.
The project, that was introduced during the last quarter of 2015, started piling works and is set for completion in the last quarter of 2019.
According to Abdulla Bin Lahej, of Dubai Properties, “1/JBR is an excellent project that emphasizes DP’s position as a designer of master-planned destinations and it’s set to redefine the meaning of luxury sea-front living in Dubai.
This is represented by a very positive investor sentiment within the whole area of Jumeirah Beach Residence, with 2.893 billion dirham price of realty transactions documented in half of 2016.
Dubai Properties’ CCO, Masood Al Awar, stated that the new development is self-funded which a lot of details concerning value are set to be disclosed as the project evolves.
Each living accommodations can have high-end polishing as well as fixtures from floor to ceiling windows, 2 private parking areas and personal elevators for the penthouse residences.
Dubai Properties hopes to launch a lot of development projects as the year unfolds, although it failed to offer more details.
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