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Dubai-based developer Nakheel has awarded a AED1.8bn ($490m) contract for the construction of the Como Residences tower in Palm Jumeirah.

The contract was awarded to the local contractor Alec by Nakheel, which is part of Dubai Holding Real Estate.

The 75-storey tower will be over 300 metres tall and features 76 residences consisting of two-to-seven-bedroom apartments, including a duplex penthouse. Each floor will be occupied by one or two residences only, served by access-controlled elevators leading to individual private lobbies.

Contractors submitted bids in December of last year.

Also in December, the project architect Benjelloun Piper Architecture announced the sale of Dubai’s most expensive penthouse in the tower. The Como Residences Penthouse by Nakheel was sold for AED500m ($136m).

Dubai real estate developments dominate the UAE’s construction market, with schemes worth over $323bn in the execution and planning phases.

Growing demand for property in Dubai, combined with a resilient economy, has brought optimism to the emirate’s real estate market.

As the market develops further, a broader range of opportunities is expected to emerge for both local and international contractors.

This is in line with GlobalData’s forecast, which expects the UAE construction sector’s output to grow by 4% in real terms in 2024 and 4.2% in 2025, supported by developments in infrastructure, energy, utilities and residential construction projects.