Dubai developer Danube Properties said on Wednesday it had awarded the main construction contract for its Dhs450m ($122.5m) Bayz project to RAQ Construction.
The contract covers the main construction work at the project, located on Business Bay’s Al Khail Road.
Bayz, which was launched in May 2017, spans 29 storeys and a total of 456 furnished apartments. Other facilities include a swimming pool, health club, kid’s play and party hall.
The project is scheduled for delivery in 2021.
Danube said the project had already sold out.
“The latest construction contract raises our construction contract value to Dhs1.59bna cross 10 projects and reflects the character and reputation of Danube Properties,” said Danube Properties director and partner.
“Our delivery-to-launch ratio is one of the best in the real estate development industry in the GCC and I would want to maintain that.”
Danube’s wider property portfolio is worth more than Dhs3.74bn ($1.01bn) and includes 4,744 units across 11 projects.
The company has so far delivered its Dreamz and Glitz Residence I,II and III towers. The 454-unit Starz Tower and 426-unit Glamz Tower is scheduled for delivery this year while the 599-unit Miraclz Tower and 444-unit Resortz Tower are under construction.
Dubai developers have weathered a decline in the wider property market over the last two years linked to increased supply and limited demand.