Bidders are still waiting to hear if local developer Emaar Properties has awarded the contract to build the first six residential towers at its Dubai Creek Harbour at the Lagoons project on the banks of Dubai creek in the Ras al-Khor area.
Offers were most recently submitted by contractors about four months ago, and firms say Emaar may now choose to retender the contract.
The Dubai Creek Harbour at the Lagoons was launched by Emaar and another local developer, Dubai Holding, in October last year. The two companies signed a joint venture agreement to develop the site in 2013.
Unlike many other Dubai projects, the developers stressed the project is a long-term concern and not based on short-term buying patterns and business cycles.
The project will aim to develop a residential, commercial and leisure destination for Dubai, much like Emaars other developments, Downtown Dubai and Dubai Marina.
Later phases will include 39,000 residential units, more than 8 million square feet of retail space, 3,664 office units, and 22 hotels with 4,400 rooms. The centrepiece of the development will be two tall towers.