Dubai Waterfront property contract bagged by Arabtech Construction

a letter of intent (loi) has been sent to arabtec construction, a subsidiary of arabtec holding, by sunland group (dubai) to build the atrium at the waterfront, the new madinat al arab precinct of nakheel's dubai waterfront real estate development at jebel ali. the property value is worth over dh2.4 billion.

the real estate project includes three basement levels and 68-storey residential properties occupying more than three million square feet.

the real estate property is expected to be completed by the end of 2013. these include the d1 tower, an 80-storey luxury residential building and palazzo versace dubai, a luxury 215 room hotel, and 169 condominiums. madinat al arab is the first phase of construction in nakheel's waterfront project.