Dubai-based property developer Damachas awarded the local Al-Hamed Development & Constructionthe main construction package for the Lake Terrace block in the Jumeirah Lake Towers.

The contract, valued at an estimated AED 150 million ($40 million), is scheduled to take 20 months. The luxury 40-storey development will contain 544 apartments along with a car park and leisure amenities. The consultant is the UK’s Atkins.

Damac is also expected to announce by mid-August the local architect for the Park Towers development at Dubai International Financial Centre (DIFC).

Gensler Architects hascompleted the project’s conceptual designs (MEED 2:7:04).