Select Group wins $ 171 million construction contract for first phase of Peninsula development
The world’s leading real estate developer, Select Group, has appointed China State Construction Engineering Corporation Middle East LLC (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 because of its extensive and exceptional track record, as well as its strong commitment to its core values of quality, safety and reliability.
The company’s exceptional experience in delivering projects to the United Arab Emirates completes a portfolio that includes some of the region’s most iconic and urban constructions.
With a contract valued at AED 629 million ($ 171 million), the award-winning construction group is expected to start work on the first phase of the much-anticipated waterfront mega project in January 2022.
Commenting on the appointment, Rahail Aslam, Founder and CEO of Select Group, said: “Our partnership with CSCEC ME demonstrates our commitment to excellence. The appointment of a world-class entrepreneur like CSCEC ME is further testimony to our focused strategy of working only with the best partners in its class, aligning perfectly with our fundamental pillars of market excellence.
The initial phase of the Peninsula waterfront development comprises three distinct residential developments, including high-rise towers and low-rise waterfront residences, meticulously merging into the first main community-focused residential development in Business Bay.
Commenting on obtaining the contract, Mr. Yu Tao – President and CEO of CSCEC ME said:
“We are delighted to lead the first construction phase of the development of the peninsula. 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 leader in real estate and property development in the region.
After Peninsula’s successful launch in October 2021, Peninsula One and Peninsula Two were nearly sold out in just a matter of weeks, reaffirming the development’s desirable status as the premier suburban-style ecosystem in the heart of Dubai’s bustling Business Bay.
With 518 individual units, Peninsula One caters to a range of preferences in a single community. It spans over 397,000 square feet, offering distinctive residential options, from studios to spacious two-bedroom apartments.
In addition, Peninsula One will offer a selection of luxurious waterfront simplexes spread over six floors, located directly on the Dubai Canal.
Anchored in an impressive 36-story residential tower, Peninsula Two comprises 439 units perfectly suited to contemporary living.
The tower features carefully designed studios, one-bedroom and two-bedroom apartments, all of which feature stylish and efficient living spaces in a unique waterfront setting.
Enabling work on Peninsula One is currently underway and is expected to be completed by January 2022. Major construction will begin in the first quarter of 2022, while both developments are expected to be completed by the fourth quarter of 2024.
This modern development is a prime example of affordable luxury in Dubai, with an estimated 5.5 million square feet of built area designed to become an exclusive community in downtown Dubai, close to some of the city’s major landmarks. .