Contracts are awaited for the new Jumeirah Beach Residence real estate development in Dubai, UAE.

The project will involve an estimated Dh5.2 billion ($1.4 billion) in investment and project chairman Mohammed Al Gergawi said many investors were seeking to buy properties in bulk, lured by the location and facilities.

Phases one and two of the upmarket high-rise development on the beach have completed sold out, the developer said.

The scheme, being developed by Tecom (Dubai Technology, E-Commerce and Media Free Zone Authority), involves construction of more than 3,000 apartments.

A 640-sq-ft studio apartment costs Dh199,000 while a four-bedroom apartment is going for Dh649,000.

The first installment, which is 25 per cent of the total cost, has to be made on December 1, and the remaining installments are to paid on July 1, 2003 and January 1, 2004. The last installment when the flats are occupied in early 2005.

The residential element will be exclusively high-rise towers that offer underground parking and are connected to each other via an underground shopping district nearly 1 km in length.

It will also feature swimming pools and leisure facilities.