The project is part of the landmark AED11bn Al Habtoor City development. The Al Habtoor Residential Towers project is a mixed-use development located immediately adjacent to the proposed Business Bay creek extension and the Dubai Water Canal.
It includes two 75-storey residential towers and one of 52 storeys together with a seven-storey podium including basement, ground floor and five floors of retail and parking.
On an adjacent site, HLG is currently constructing the AED1.9 billion Al Habtoor City hotel development, which is due for completion in 2016.
HLG CEO and managing director José Antonio López-Monís said that the contract continues a long and successful relationship with the Al Habtoor Group. “We’re delighted to be selected to build what will be one of Dubai’s most prestigious and recognizable developments,” he said. He added that the recent announcement that Dubai would host World Expo 2020 would provide a boost to the construction market. “We have an optimistic view on the Dubai construction market and anticipate a significant increase in building and infrastructure opportunities over the next few years,” he said.
HLG’s associated business, HSSG, is currently undertaking the enabling works for the project. The total value of construction, including consultant costs and piling but excluding interior fit-out and furniture, is AED1.62bn. Construction will begin as soon as enabling works are completed and the main project will be completed 32 months later.