The bidders competing for the contract to build The Address Jumeirah Gate development at Dubai Marina have been asked to provide value engineering solutions to help reduce the cost of the project.

The contractors that submitted offers for the deal in July are understood to be the local Alec, Lebanon’s Arabian Construction Company (ACC), the local Arabtec Construction, and Canada’s Multiplex.

The contract involves building twin 74-storey mixed-use towers that are 303 metres tall on the beach next to Jumeirah Beach Residence.

The scheme, which is also known as The Address Residences Jumeirah Resort and Spa development, will have a total built-up area of 255,000 square metres.

The local Middle East Foundation Group was appointed as the enabling works contractor in December last year.

The hotel properties will be managed by three Emaar Hospitality brands: The Address Hotels + Resorts, Vida Hotels and Resorts, and Rove Hotels.

The project is being developed by Abu Dhabi-based Al-Ain Properties. The designs were prepared by the local Killa Design. The project was previously considered by Abu Dhabi-based Eagle Hills.