Dubai-based developer Select Group has awarded a 629-million-UAE-dirham ($171 million) construction contract to China State Construction Engineering Corporation Middle East (CSCEC ME) for the first phase of its Peninsula waterfront project, located in Business Bay, Dubai.

CSCEC ME is scheduled to start construction of the 5.5 million square feet (sq. ft.) built-up area residential development in the first quarter of 2022, the developer said in a press statement.

The statement said the first phase comprises of three separate residential developments, including high-rise towers and low-rise waterfront residences.

It said Peninsula One spans over an area of 397,000 sq ft and comprises of 518 residential units while the 36-storey Peninsula Two comprises of 439 residential units.

Peninsula One will also feature a selection of luxurious waterfront simplexes spread over six floors, situated directly on the Dubai Canal, the statement noted. 

The enabling works on Peninsula One are currently underway and anticipated to be completed in January 2022, the statement said, adding that both developments are expected to complete by the fourth quarter of 2024.

(Writing by SA Kader; Editing by Anoop Menon)
(anoop.menon@refinitiv.com) 

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