DUBAI'S Arabtec Holding has won a SR2-billion contract ($533.3 million) to build the Lamar Towers, a strategic high-rise luxury project in Jeddah, Saudi Arabia.
The project consists of two towers – one rising 68 floors high and the other 60 floors – and incorporates residential and commercial units as well as a shopping mall.
The one-to-four bedroom apartments, three-bedroom lofts, half and full floor penthouses in the residential towers will offer spectacular views of the Red Sea.
The main investor in the project is Zahran Real Estate Company while the main developer is Cayan Investment and Development Company.
Construction is scheduled to start immediately since the major enabling and site preparations work is already completed and the project is expected to take 36 months to complete.
The contract to build the towers in Jeddah is Arabtec’s latest success in the kingdom, after recently starting work on a university project in Riyadh.