The Dubai-based real estate developer Select Group has awarded a construction contract worth 1 billion UAE dirhams ($296 million) to Al Basti & Muktha (ABM) for the development of Peninsula Four, The Plaza in Business Bay.

The upcoming waterfront community will house 1,025 units, with a built-up area of more than 2.2 million square feet that will feature duplex lofts, studios, units with 1, 2, 3, 4 bedrooms and penthouses. The Plaza will offer indoor and outdoor dining, retail facilities, along with gardens and public areas.

This awarded contract completes the start all construction phases of the Peninsula development, a statement from the developer read, with the official website stating Peninsula Four, The Plaza is scheduled to be completed by Q2 2026.

(Writing by Bindu Rai, editing by Brinda Darasha)