The 1/JBR project will be developed in the Jumeriah Beach Residence area
Dubai Properties has appointed a main contractor for work on its seafront residential scheme in Dubai.
The local Dubai Construction Company (DCC) has been appointed to carry out the main construction works for the 1/JBR project, according to a statement from the Dubai-based developer.
The scope of work involves the construction of the 46-storey tower, which will be made up of 163 residential units.
The project will be developed in the Jumeriah Beach Residence (JBR) area in Dubai.
The lead consultant is Canadas WSP PB, and construction is expected to be completed by 2019.
Earlier this year a report by UK real estate firm CBRE said that new supply entering the market in the next few years could threaten Dubais recovery. The CBRE report projects that approximately 70,000 new units are set to enter the market in the next three years as developers make a major push in the build up to Expo 2020.
With an expanding pipeline of new units, current deflation trends are likely to continue throughout 2017, with many new homes set to complete. However, there are signs that the transactional market is once again stabilising with no major change in average sales rates noted during the past two quarters, although on a year-on-year basis, residential values have still fallen by an average of 5 per cent, says Mat Green, head of research at CBRE.
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