Kuwait-based developer IFA Hotels & Resorts has awarded the local General Contracting Company (GCC) the estimated AED350m ($95m) contract to build its new mixed-use development on Dubais Palm Jumeirah.
The eight-storey building, known as The 8, will have 300 two- and three-bedroom apartments, townhouses and penthouses, as well as hotel apartments.
Designed to replicate the style of Miami Beach in the US, the development will also offer resort-style facilities, such as water-sport rentals, a beachfront restaurant and tennis courts.
The consultant is the local National Engineering Bureau (NEB).
Several hotel schemes have been launched on the Palm Jumeirah over the past year. Earlier this month, contractors submitted bids for the deal to build the W Hotel & Residences on the crescent of the Palm. The local/UK Al-Futtaim Carillion has been selected for the contract that involves building three six-storey buildings on a 90,000-square-metre plot of land on the Palm Jumeirahs crescent, next to the Kempinski hotel development.
Construction work started in 2013 on another hotel development on the Palm. In December, Beijing-based China State Construction Engineering Corporation started work on the Viceroy Dubai Palm Jumeirah, for the local Skai Holdings.
The resort, which offers 479 rooms and suites and 222 residences, has a unique investor model that enables buyers to purchase hotel rooms, which are then leased in exchange for 40 per cent of the room revenue.