The company, which is part of the Al-Faraa Construction Group, launched its Bellagio Residences scheme on 30 September.
The 41-floor residential development will have 300 apartments. The project is due to be competed by the fourth quarter of 2011.
Al-Faraa Properties is planning to launch up to five more developments before the end of 2008.
The company already has a number of other residential and commercial developments in Dubai, including Le Grand Chateau and Burj al-Faraa in Jumeirah Village. It is also developing the Pinnacle Business Bay commercial scheme in Mumbai, India.