01 July 2018

Master developer Nakheel says it is assessing 11 proposals for the construction of Dragon Towers, its twin-building residential complex in the Dragon City community in Dubai, UAE.

The lowest bid is seen at just under Dh650 million ($177 million). The contract is likely to be awarded in third quarter with construction targeted for completion in the second quarter of 2021, says the UAE developer.

Dragon Towers, which will be released for sale in early Q4 this year, comprises 1,142 one- and two-bedroom apartments across two buildings and is directly linked to the world-famous Dragon Mart retail and trading hub.

The complex will have a podium-level clubhouse with a swimming pool, restaurant and gym, as well as two floors of retail facilities and four parking floors.

Nakheel had earlier announced that construction of the third expansion at Dragon City – an Dh169-million showroom and car park complex – has reached the 80-per-cent-mark with completion due in the fourth quarter of 2018.

Dragon Towers is part of Nakheel’s ongoing retail, hospitality and residential expansion at Dragon City, which will bring the overall size of the mixed-use development to 11 million sq ft. It is already home to Dragon Mart 1, Dragon Mart 2 and an ibis Styles hotel. A second hotel is currently under construction.

Managed by Nakheel Malls, the retail arm of the Dubai developer, the 375,000-sq-ft complex comprises 118,000 sq ft of showroom space on the ground floor – all of which has been leased – and a multi-storey car-park for nearly 900 vehicles.  

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