Dubai Properties appoints contractor for new luxury tower

Dubai Properties (DP) on Sunday said it has appointed Dubai Contracting Company as the main contractor for its luxury project 1/JBR at Jumeirah Beach Residence in Dubai.

Work on the project is already underway and is on track for a Q4-2019 completion, the developer said in a statement, without mentioning a value for the contract or the project.

The 46-story tower offers 161 units, including two, three and four-bedroom apartments and five-bedroom penthouses.

The 1/JBR project “reinforces DP’s position as a creator of master-planned destinations,” group chief executive officer Abdulla Bin Lahej said in the statement.

He also noted the positive investor sentiment in the entire JBR area, with AED 2.9 billion worth of real estate transactions recorded in six months of 2016.

JBR is a waterfront residence and tourist area located in the Arabian Gulf in Dubai Marina.