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CSCEC formed a venture with SKAI Holdings, the project’s owner, the companies said on Tuesday in a statement.
The main contractor of the project, CSCEC, will build a 481-room hotel and 221 residences on man-made peninsula Palm Jumeirah in Dubai, the report said.
The project will include a luxury hotel, 221 signature Vicerory Residences, 10 of the world’s best restaurants along with a gourmet market and bakery, three outdoor swimming pools as well as spa facilities.
“The resort has a unique investor model that enables buyers to purchase hotel rooms, which are then leased back in exchange for 40 percent of the room revenue,” the companies said in the statement.
“Investors’ annual rate of return is estimated at 12 per cent.”
The construction is expected to be completed in the last quarter of 2016.