Dubai’s waterfront real estate market has been shaken up by a new AED 400 million contract between two big property players.
Plus Properties has inked a deal with Consolidated Contractors Company (CCC) to build two complexes at Madinat Al Arab in the Emirate.
The deal paves the way for work to start on Wave Residence 1 and Pixel Tower at the site, which planners say will become the world’s largest and most luxurious waterfront development.
Georges Chehwane, chief executive of Plus Properties, said property investment specialists interested in the project would have “greater trust” in the scheme thanks to the involvement of CCC.
He said the firm would also
“ensure that the projects are completed on time and to the highest construction standards”.
CCC is the Middle East’s largest engineering and construction company and employs 180,000 people in 40 countries.
Wave Residence 2 is to feature garden apartments with private pools or outdoor jacuzzis, while Pixel Tower will be be a high-tech high rise aimed at the “young and trendy of Dubai”.
Plus Properties first emerged in 2007 and already has offices in Dubai, Abu Dhabi, Jeddah, Riyadh, Bahrain, Beirut and Moscow.
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