Emaar Properties, the emirate's largest listed property developer, has awarded the contract to build The Address The BLVD, a 72-storey hotel and serviced apartment tower in Downtown Dubai, to Brookfield Multiplex Construction.
“The construction contract has been awarded in normal course of company’s business,” the developer said in a bourse filing on Tuesday.
It did not mention value for the contract.
The Address The BLVD will include 200 hotel rooms and 523 serviced residences and will be located close to Burj Khalifa, the world's tallest tower.
The project, which was launched in September 2012 and recorded a sell-out response from investors, is scheduled for completion in 2015.
The following is the payment schedule given to investors: 10 per cent down payment; 10 per cent October 31, 2013; 10 per cent March 31 and 10 per cent June 30, 2014; 15 per cent on September 30 and 15 per cent December 31, 2014; 15 per cent March 31, 2015 and 15 per cent November 30, 2015.
Emaar has sold units in The Address The BVLD as high as Dh29,000 per square metre (Dh2,650 per square feet), which is more than double the average sale price in the area.
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