Canadian contractor joins other firms working on development
- Brookfield Multiplex wins Lapita Hotel construction deal
- 500-room hotel is being built at Dubai Parks & Resorts
Canadas Brookfield Multiplex has been awarded the estimated AED435m ($118m) contract to build the Lapita Hotel at the $2.9bn theme parks project being developed by Dubai Parks & Resorts.
The 500-room hotel is part of the first phase of the development, which is being developed by the local Meraas Holding.
The first phase, which is is scheduled for completion in 2016, will comprise three theme parks: Motiongate Dubai; Bollywood Parks Dubai; and Legoland Dubai. The development will also feature an entrance plaza known as Riverpark and the family-themed hotel known as Lapita.
The local/Belgian Bel Hasa Six Construct is working on a contract to build the Legoland theme park. Several other contractors are working on construction packages including the local Khansaheb Civil Engineering, the UKs Kier and Laing ORourke, and the local Arco General Contracting.
Dubai Parks & Resorts launched an initial public offering (IPO) with 40 per cent of its shares in November last year, which raised AED4.2bn ($1.2bn).
Dubai projects push on despite property price fall
Dubai is driving ahead with new projects despite a weakness in its property sector.
Residential prices dropped by 2 per cent during the first quarter of 2015, according to a report published by US-based real estate consultancy CBRE, with the firm predicting that the delivery of a large quantity of new units in 2015 will continue to depress market rates. Read more