Azizi Developments, a UAE-based real estate developer, granted Keilani Construction Company (KCC) a contract worth AED 200 million ($54 million) to build two high-end residences, Roy Mediterranean and Montrell, at Al Furjan master community, reported Trade Arabia.
The two luxury compounds will be a 15-minute drive from the new Al Maktoum International Airport in Dubai, and will house studios and one bedroom apartments, according to Gulf News Journal.
The construction of the two developments is already underway, and completion is expected by end of 2017, said a statement from Azizi.
Roy-Mediterranean will cover an area of 285,367 square feet and will house 271 residential units including 224 studios and 47 one-bedroom apartments.
Montrell will occupy an area of 246,243 square feet, and will include 222 units of which 168 are studios and 58 are one-bedroom apartments.
The new residences is ten minutes away from Expo 2020 and is close in proximity to Tourism hotspots, such as Burj Khalifa, Dubai Marina, Palm Island and Ibn Batuta Mall.
It is expected that Expo 2020 will bring in AED 17.5 million travelers and Azizi is leading development in Al Furjan in anticipation of the huge event.
Plans for future projects in Healthcare City, Palm Island and Al Furjan AED 1.8 billion. By the end of 2016, Azizi expects to launch 2000 residential units.