Local developer Dubai Properties has appointed a main contractor for the work on its Bellevue Towers project in Dubai.

The AED200m ($54.5m) contract, which was awarded to the local Seidco General Contracting, involves the construction of the Bellevue Towers project in the Downtown area of Dubai.

According to a company statement work on the project is expected to be completed by the second quarter of 2019.

The two tower residential project will be made up of 319 units.

Design work for the project was completed by the US’ TVS Design, while the local Lacasa is serving as the project’s main consultant.

Earlier this month MEED reported that Dubai’s real estate market has recorded the sharpest decline in capital values in five years, according to a recent report by UK real estate firm Cluttons.

In 2016 values across Dubai’s freehold residential areas fell by 8.8 per cent, in line with Cluttons’ initial forecast for 2016, which predicted falls of up to 10 per cent.

The report also adds that the luxury and high-end segment such as the Bellevue Towers has been the hardest hit: “12 of the 32 submarkets we monitor registered price declines during the first quarter of this year,” says the report.

Other major towrer projects in the area under construction include Wasl Tower, being developed by local developer Wasl, which was awarded to Arabtec in April this year.