Dubai South has awarded a AED600 million ($163.3 million) contract to build the first residential project at its master-planned city to Al Qabdah Global Building Contracting.
Under the terms of the deal, Al Qabdah will construct residential buildings in The Pulse, with the project expected to be ready for delivery by mid-2019.
The community is located in the Residential District of Dubai South, adjacent to the Expo 2020 Dubai site and Al Maktoum International Airport.
When finished Dubai South Residential District will have around 10,000 residential units between villas, townhouses and apartments by 2020, housing an estimated 35,000 residents.
Khalifa Al Zaffin, the executive chairman for Dubai Aviation City Corporation and Dubai South, said in a statement: "This entirely new and incomparable model puts people first and focuses on affordability while celebrating nature and diverse populations.
“This combination proved highly successful during sales in Q4 2016, where we surpassed our targets and achieved more than 90 percent sales."
Al Zaffin said more than AED7 billion will be pumped into real estate projects in Dubai South ahead of Expo 2020.
Around half the investments will be made by the master developer while the remaining half will come from private investors, he added.
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