Master developer Nakheel said it is assessing 11 proposals, with the lowest bid seen at just under Dh650 million ($177 million), for the construction of Dragon Towers, its twin-building residential complex at the rapidly-expanding Dragon City community in Dubai.
The contract is likely to be awarded in third quarter with construction completion in the second quarter of 2021, said a statement from the UAE developer.
Dragon Towers, which will be released for sale in early Q4 this year, comprises 1,142 one- and two-bedroom apartments across two buildings and is directly linked to the world-famous Dragon Mart retail and trading hub.
The complex will have a podium-level clubhouse with a swimming pool, restaurant and gym, as well as two floors of retail facilities and four parking floors.
The news comes a day after Nakheel announced that construction of the third expansion at Dragon City – an Dh169 million showroom and car park complex – has reached the 80 per cent mark.
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.