Emaar Properties says it has commenced work on its Dubai Creek Residences project in Dubai Creek Harbour.
The Dubai developer has awarded the construction contract for the project to Al Basti & Muktha, which has previously worked on developments that include the Old Town District of Downtown Dubai.
Dubai Creek Residences, scheduled for handover in 2018, consists of six residential towers that form part of The Island District.
Emaar said in a statement that the 30 to 40-storey towers with one, two and three-bedroom apartments have been greeted with a “strong investor response”.
“With the construction contract awarded to ABM, we are underlining our commitment to deliver the homes as per schedule in 2018,” said Ahmad Al Matrooshi, managing director of Emaar Properties.
The wider Dubai Creek Harbour development will include the world’s tallest twin towers as its centrepiece.
Sales of residential property across the UAE remained ‘subdued’ in 2015, JLL said in its annual report yesterday.
It said it expects that much of the 26,000 units forecasted to be handed over in Dubai this year will not complete on time amid the lower oil price, strong US dollar and geopolitical unrest.
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