Local developer Nakheel says the lowest offer it has received for the construction of its Dragon Towers project has as price of AED650m ($177m).

Nakheel received 11 bids for the contract that involves building a twin residential towers at the Dragon City community next to Dragon Mart on the Hatta road in Dubai.

The towers comprise 1,142 one and two bedroom apartments with a podium-level clubhouse, swimming pool, restaurant and gym, as well as two floors of retail facilities and four parking floors.

Nakheel says it will award the contract in the third quarter of this year and construction work is expected to be completed in the second quarter of 2021.

The consultant for the project is Lebanon’s Dar al-Handasah.

Nakheel tendered the construction work previously in 2017. The lowest bid then was valued at AED900m.

Dragon Towers is part of Nakheel’s ongoing retail, hospitality and residential expansion at Dragon City, which is already home to Dragon Mart 1, Dragon Mart 2 and an ibis Styles hotel. A second hotel is currently under construction.  The local Parkway International Contracting was awarded the AED184.5m ($50m) construction contract for the hotel in 2017.