Local developer Emaar has received bids for the contract to build its Vida Residences development on the site of the recently demolished yacht club in Dubai Marina.
The project involves the construction of a 44-storey tower with more than 350 serviced apartments. The property will also have a seven-level podium, food and beverage outlets, a swimming pool and parking area.
The consultants working on the project include the local WME Consultants and Killa Design.
Emaar is tendering other tower construction deals in Dubai, most notably the contract to build the world’s tallest manmade structure The Tower at Dubai Creek Harbour.
The new projects reflect the resilience of Dubai’s property market. Emaar recorded a full-year net operating profit of AED5.704bn ($1.553bn) during 2017, 16 per cent more than the AED4.917bn made in 2016. Its profits declined by 16 per cent to AED1.35bn ($370m) during the fourth quarter of 2017 in the latest sign that Dubai’s property market is cooling.
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