The local ANC Contracting has won the estimated AED500m ($136m) contract to build a high-rise development at Dubai Marina for the local Al-Fattan Properties.

The scheme, known as Al-Fattan Crystal Towers mixed-use project, involves the construction of two high-rise towers with a total built-up area of about 150,000 square metres. The first tower will have 550 hotel rooms and the second will have 490 hotel units together with residential apartments. The operator of the hotel will be Turkey’s Rixos Hotels.

The consultant is Turkey’s Tabanlioglu Architects.

The towers will be built on the site of the old Oasis Beach Hotel that was demolished in 2009.

In late 2008, Al-Fattan Properties was preparing to build a much larger 96-storey mixed-use tower project known as Burj Al-Fattan on the Crystal Towers site. It received bids from at least two contractors in early 2009, but later cancelled the scheme as projects in Dubai ground to a halt.

In 2006, Al-Fattan Properties opened the Al-Fattan Marine Towers at Dubai Marina opposite the Al-Fattan Crystal Towers site. The local Arabtec was the contractor.

Contractors are competing for a contract to build another high-rise hotel tower in Dubai. In late October, Emaar Properties has received bids from companies for the contract to build The Address The Boulevard hotel and residential development in the Downtown Dubai area.

Located next to the Burj Khalifa, the 63-storey tower will contain 200 five-star hotel rooms and 542 serviced apartments. The 340-metre tower will house studios, and one-, two-, three- and four-bedroom apartments. The project will be funded by offplan sales. The tower was designed by the UK-based architecture firm Atkins.

The tendering of new high-rise projects is the latest sign that Dubai’s property market has started to improve. Developers and analysts say that the price of real estate has improved in established locations such as the Downtown area and the Palm Jumeirah this year, and should the trend continue, prices across the rest of Dubai are expect to rise in 2013.