Contractors have submitted bids for the contract to build the W Hotel & Residences on the crescent of the Palm Jumeirah in Dubai.

The project involves building three six-storey buildings on a 90,000-square-metre plot of land on the Palm Jumeirah crescent, next to the Kempinski hotel development. One of the buildings will be a 360-room hotel and the other two will be apartment buildings with 75 luxury units.

The lead consultant is the UK’s RMJM. The cost consultant is Ireland’s Bruce Shaw. The project manager is the UK-based Mace Group.

Al-Sharq Investment, the local subsidiary of the Saudi-based Al-Sharq Group of Companies, is the client.

Construction work started last year on another new hotel development on the Palm Jumeirah. In December, Beijing-based China State Construction Engineering Corporation started work on the Viceroy Dubai Palm Jumeirah, for the local Skai Holdings.

The resort, which offers 479 rooms and suites and 222 residences, has a unique investor model that enables buyers to purchase hotel rooms, which are then leased back in exchange for 40 per cent of the room revenue. The investment firm says all available inventory in the AED3.7bn ($1bn) project has been sold.