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UAE-based developer DAMAC Properties has awarded the Dubai branch of Turkey's TAV Construction a US$272.3mn contract to build a luxury hotel complex in Dubai
The hotel complex will be constructed near the world’s tallest building, the Burj Khalifa.
The deal with TAV Tepe Afken Investment Construction and Operations will be expected to run for 33 months, DAMAC said in a statement.
Each of the four towers making up the ‘DAMAC Towers by Paramount’ will be more than 250 metres tall, and feature 540 hotel rooms and more than 1,400 service apartments.
Developers in Dubai have revived stalled projects and announced new ones as the Emirate’s property market continues its gradual recovery after prices tumbled by 50 per cent in 2008.
DAMAC has also announced a series of projects in the last few months, including a new golf course to be developed with USA-based real estate entrepreneur Donald Trump.