Select Group awards construction contract worth USD 171mn for the first phase of its Peninsula development
Leading global property developer, Select Group, has appointed China State Construction Engineering Corporation Middle East L.L.C. (CSCEC ME) as the contractor for the first phase of its latest waterfront project, Peninsula, strategically located in the heart of Business Bay.
CSCEC ME was chosen by Select Group due to its extensive and exceptional track record, as well as its firm commitment to its core values of quality, safety and reliability.
The company’s outstanding project delivery experience in the U.A.E. complements a portfolio that boasts some of the region’s most iconic and urban constructions.
With an estimated contract worth of AED 629 million (USD 171mn), the award-winning construction group is set to kick-off phase one works of the eagerly anticipated mega-waterfront project in January 2022.
Commenting on the appointment, Rahail Aslam, Founder and C.E.O. of Select Group, said: “Our partnership with CSCEC ME demonstrates our commitment to excellence. The appointment of a world-class contractor like CSCEC ME is a further testament to our focused strategy of working with only the best-in-class partners, seamlessly aligning with our core pillars of delivering market excellence.
The initial phase of the Peninsula waterfront development comprises of three separate residential developments, including high rise towers and low-rise waterfront residences, meticulously blending into the first community-focused residential master development in Business Bay.
Commenting on the contract win, Mr. Yu Tao – President & C.E.O. of CSCEC ME said:
“We are delighted to be leading the first phase of construction of the Peninsula development. We look forward to working with Select Group to bring this exceptional project to fruition.
We are confident that we will contribute to the excellence of Peninsula, further strengthening Select Group’s position as a leading real estate and property developer in the region.”
Following the successful launch of Peninsula in October 2021, Peninsula One and Peninsula Two have almost sold out within just a few weeks, reaffirming the development’s desirable status as the first suburban-style ecosystem in the heart of Dubai’s bustling Business Bay.
With 518 individual units, Peninsula One caters to an array of preferences in a single community. It spans over 397,000 sq. ft., offering distinctive residential options from studios to spacious two-bedroom apartments.
Additionally, Peninsula One will feature a selection of luxurious waterfront simplexes spread over six floors, situated directly on the Dubai Canal.
Anchored by an impressive 36-storey residential tower, Peninsula Two comprises 439 units perfectly tailored to contemporary living.
The tower features thoughtfully designed studio, one-bedroom and two-bedroom apartments, all of which present stylish and efficient living spaces in a unique waterfront setting.
The enabling works on Peninsula One are currently underway and anticipated to be completed by January 2022. The main construction works will commence in Q1 2022, while both developments are expected to complete by Q4 2024.
This modern development is a perfect example of affordable luxury in Dubai, with an estimated built-up area of 5.5 million square feet designed to become an exclusive community in the Dubai Downtown area, within close proximity to some of the city’s key landmarks.