Local developer Bloom Properties has selected a contractor for the main building work on its latest Dubai project.

The local General Construction Company (GCC) will start work soon on the developer’s project in the Dubai Marina area.

The Stella Maris project will be a 52-storey waterfront tower made up of 313 luxury residential units, and is expected to be completed in 2019.

Other major contracts awarded this month include the Bellevue Towers project in Dubai, which will be built by the local Seidco General Contracting

The AED200m ($54m) contract was awarded by local developer Dubai Properties for the 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.

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.