The contractor for the Madina Tower in the Jumeirah Lake Towers enclave will be announced early next week, said a top official of Reef Real Estate Investment Co.
"We are negotiating the price and the time factor for the completion of the project," said Shaikh Ahmad Mohammad Al Nah- yan, managing director.
More than 80 per cent of the 31-floor building has been sold to international and regional investors.
There will be 28 floors marked for residential purposes — with a total of 200 units — and the rest taken up for facilities such as a health club and spa, which will be managed by Coral International.
Bids have also been called for a restaurant operator to set up a facility at Madina Tower.
The apartments are available in 1,000, 2,000 and 3,000 square feet, with the average price at around Dh750 a square foot.
"Our company will actively pursue new developments in Dubai where the authorities are inviting experienced developers," said Shaikh Ahmad. "In this regard, we feel there is potential for us in projects such as Business Bay, Dubai Waterfront and Dubai Healthcare City.
"Our strategy is to go for locations and come out with designs that would not merely duplicate what is there in the market.
"We believe that Madina Tower has set a certain benchmark in the quality that has gone into the finishes and fixtures.
"The tower will also have its own air-conditioning facilities."