

Local developer is tendering projects despite real estate slowdown
Local developer Emaar Properties has selected the local Al-Basti & Muktha (ABM) for the contract to build its Vida Residence tower in the Downtown Dubai district.
The 57-storey building will have 320 residential units, including one, two, three, and four-bedroom serviced apartments. It will be linked directly to the Vida hotel opposite Souk al-Bahar by an air-conditioned glass bridge.
The consultant is Canadas Norr Group.
ABM won work from Emaar earlier this year. In January, Emaar awarded it a contract to build its Dubai Creek Residences development.
Located in Dubai Creek Harbour, the project involves the construction of six residential towers that form part of The Island District. Emaar received offers last year. The project is scheduled for handover in 2018.
Emaar is developing other residential towers despite the slowdown in Dubais real estate market. It has invited selected companies to bid by 22 March for the estimated $136m contract to build its Opera Grand Residential Tower in Dubai.
The project involves the construction of a 65-70 storey tower a four level basement, ground floor and podium with townhouses, and 56 residential floors with seven levels for services. The total development will have an area of about 63,000 square metres.
The consultant is the Lebanons Khatib & Alami.
The tower will overlook the Opera House at the Downtown District. In late 2013, Emaar awarded Athens-based Consolidated Contractors Company (CCC) the estimated AED700m ($191m) contract to build the Opera House.
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