Dubai developer Nakheel Properties has received bids for the main construction contract for its Dragon City Towers project in Dubai.

According to a statement from the developer, the lowest bid came in at AED900m ($245m) for the twin-tower residential complex, which will be located near Nakheel’s Dragon Mart scheme.

Dragon Towers comprises of 1,140 one and two bedroom apartments across two buildings directly linked to Dragon Mart. The complex will have two retail floors, four parking floors and a podium level swimming pool, restaurant and gym.

The company also said in its statement that it expects to award the main construction contract by the end of this year, with completion expected in 2020.

Nakheel also recently awarded the local Parkway International Contracting a AED184.5m ($50m) construction contract for a second hotel at Ibn Battuta Mall.

The 375-room hotel, will be operated by Thailand’s Minor Hotel Group under its AVANI brand. The 15-storey building will have a total built-up area of about 26,000 square metres.

Nakheel is developing AED3bn of hospitality projects that include 16 new hotels and serviced apartment complexes with 5,300 rooms. Adding new hotel assets is part of Nakheel’s strategy of boosting its recurring revenues.