Dubai Properties on Sunday awarded the main construction contract for over $272 million (AED1 billion) 1/JBR, the 46-storey luxury tower, which is slated for completion in the fourth quarter 2019.

Last plot of land in Dubai's JBR to get $272m luxury tower

Dubai Properties said 1/JBR project to be completed in Q4 2019, prices start at $1.47m

Dubai Properties on Sunday awarded the main construction contract for the $272 million (AED1 billion) 1/JBR, a 46-storey luxury tower which is slated for completion in the fourth quarter 2019.

The contract was given to Dubai Contracting Company, but not value was disclosed. The enabling work on the 46-storey tower– being built on the last piece of land in Jumeirah Beach Residence – commenced in March 2016.

The average price for two-bedroom apartments starts at $1.47 million (AED5.39m), according DP officials.

Sotheby's International Realty, on its website, also lists a two-bed unit in 1/JBR at $1.47m (AED5.39m), or $526.53 (AED1,934) per square feet (psf). A three-bed unit is listed at $2.26m (AED8.29m) or $700.50 (AED2,573) psf, while a four-bed apartment is priced at $3.31m (AED12.15m) or $1032.10 (AED3,791) psf.

The costliest unit, however, will be the 8,611-square feet penthouse, with company officials refusing to disclose the price.

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Source: arabianbusiness.com