Selected contractors have been invited to bid in May for the deal to build part of the first phase of the Deira Waterfront Development in Dubai.
Known as plot 3, the contract involves building mid-rise mixed-use buildings that include office, residential and office space. It is understood the buildings will be 15-18 storeys in height and will have a total built-up area of about 140,000 square metres.
The consultant is US-based AE7. The scheme is being developed by Deira Waterfront Development, which is a wholly-owned real estate subsidiary of the Investment Corporation of Dubai (ICD). It will be built on the Deira corniche looking out to the Gulf and Nakheels offshore Deira Islands development.
ICD is developing other projects in Dubai. In January it selected contracting joint ventures for early works contracts for two of its schemes in Dubai. These initial agreements are expected to lead to main construction contract awards later this year.
Both joint ventures include South Koreas Ssangyong Engineering & Construction. ICD bought a controlling stake in the company for about $181m in February 2014.
For the ICD Brookfield Place at Dubai International Financial Centre, which ICD is developing in joint venture with Canadas Brookfield, a joint venture of Ssangyong and Brookfield Multiplex has been selected. Brookfield bought Australian contracting and development company Multiplex in 2007.
ICD is also understood to be preparing to issue tender documents for its One Zabeel tower that will be built in the World Trade Centre area.