Dubai developer Danube Properties has awarded a contract worth Dhs149.5m ($40.7m) for the main construction works of its Jewelz project at Arjan.
The contract has been awarded to Dubai-based Cast Construction, a statement said.
The Dhs300m Jewelz project offers 463 residential units, including studio, one and two-bedroom apartments. It is Danube’s 10th residential project to be built at Arjan, near Miracle Gardens.
Amenities include a fully equipped health club, swimming pool, steam and sauna room, multi-purpose hall, jogging track, barbecue deck, badminton court, paddle tennis court and a high tech surveillance system for security.
Jewelz will also feature open areas with greenery and landscaping.
The project, launched in March 2018, is scheduled for delivery in Q1 2020.
The latest construction contract increases Danube’s construction contract value to Dhs1.4bn across 10 projects.
Rizwan Sajan, founder and chairman, of the Danube Group, said: “As a developer we remain committed to the Dubai real estate market. Through our successful property launch and construction delivery we want to reinforce the belief in the real estate industry of Dubai which remains one of the most lucrative real estate investment opportunities worldwide.
“We are determined to deliver all our projects to our customers on time,” he added.
So far Danube Properties has delivered 831 residential units worth Dhs1.12bn including 171 townhouses across four projects. A further 880 units are slated for delivery in 2018.
In August, the company announced that its latest project – the Dhs550m Lawnz in International City – was sold out within five days of its launch.
The project’s first phase was launched on June 20, 2018, with about half of the total inventories. In its second phase launch, the company said it sold 350 units in 4 hours.
Lawnz includes 1,032 residential units in total, comprising studio, one and two-bedroom apartments. Among them, 50 per cent are studio apartments, 40 per cent are one-bedroom apartments and 10 percent are two-bedroom apartments.
Prices start from Dhs290,000 for a studio apartment.