Dubai: ALEC bags AED600mn contract from Select Group
UAE based developer, Select Group, has appointed ALEC for the main works of Jumeirah Living Marina Gate, its flagship waterfront development in Dubai Marina.
The current contract valued at AED600mn brings the total project value for The Residences at Marina Gate to AED1.6bn.
Launched in Q1,2017, Jumeirah Living Marina Gate is the third tower within the luxury Marina Gate development and will include 104 serviced apartments, 389 private residences and 15 villas. Select Group signed an agreement with Jumeirah Group in January 2016, to manage this development under its Jumeirah Living brand.
Rahail Aslam, CEO of Select Group, said: We remain steadfast in our commitment to excellence. The appointment of a world-class contractor like ALEC is further testament to our continued strategy of working with tier one partners and suppliers. The long term outlook for real estate in the UAE remains positive and Jumeirah Living Marina Gate is set to raise the bar in luxury residential developments. With the commencement of main works we aim to deliver
this project on schedule and to the highest standards.
Enabling works have been completed and the main contractor has fully mobilised on site. With 12ha built up area, the development is expected to be completed in the fourth quarter of 2019.
Commenting on the awarding of the contract, Kez Taylor, CEO of ALEC, stated: We are delighted to be involved in the construction of The Residences at Marina Gate I, II, and Jumeirah Living Marina Gate. It is a fantastic development in a great location and we are proud to be working alongside Select Group to make this project a success.
Prices for Jumeirah Living Marina Gate range from AED1.5mn to over AED16mn, with a payment plan of 70% upon completion.