Ground breaking has taken place on the site of a new six tower residential complex in Dubai’s Jumeirah Village Circle (JVC).
Close to Al Barsha Fourth, the six building project is valued at AED410 million ($111 million), covers an area of 100,000 sq ft and has been designed by Abdul Rahim Architectural Consultants (ARACO).
The buildings will add a total of 772 apartments to JVC, consisting of 75 studio units, 655 one-bedroom apartments and 42 two bedroom apartments and is expected to be completed within 17 months, the company said in a statement.
Rahim Lari, ARACO’s general manager, said construction on all six sites will begin simultaneously under its supervision. In addition, ARACO’s scope of work will include architectural design, MEP and structural engineering and obtaining the necessary licences from all relevant bodies.
“Real estate in Dubai continues to be an attractive investment and our participation in this project underlines our trust in the emirate’s economy as it continues to provide the highest return on investment of any market in the region. We are delighted to be a part of this grand project in JVC and seek to carry out our duties within the agreed terms and conditions,” said Lari.
Conceptualized and owned by HNI Clients Real Estate and represented by investor partner Praveen Sharma, the buildings will be constructed by Ghantoot Gulf Contracting Company.