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

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 the range of facilities on offer.

The scheme, being developed by Jumeirah Beach Residence Board, involves construction of more than 3,000 apartments.