Tameer Holding has signed a Dh605 million ($164.7 million) agreement with Arabian Construction Company (ACC) to be the main contractor of 'Elite Residence'.

Elite Residence is one of Tameer's prestigious projects situated in Dubai Marina.

This venture between Tameer and ACC comes after the construction firm had already been commissioned to work on the 'Princess Tower', an iconic development of Tameer and considered the tallest residential towers in the world.

The contract between the two firms is consistent with Tameer Holding's endeavor to team with the region's leading construction and contracting firms in the realisation of its projects.

ACC's portfolio is comprehensive and includes desalination plants, factories, hotels and hospitals.

It is expected that the Elite Residence will become one of Dubai Marina's most striking landmarks. This plush development covers an area of 1,461,310 square feet, has 91 levels with 82 residential floors, four car parking floors, four basements and a height of approximately 380m.

The Elite Residence is characterised with waterfront views of the Arabian Gulf and the Palm Jumeirah, in addition to boasting close proximity to Dubai Media City and Dubai Internet City, as well as high-end shopping centers such as Emirates Mall and Ibn Battuta Mall.

'In such a highly competitive real estate market as our own, it has become imperative for firms to go that extra mile in the creation and delivery of their projects and through maintaining very high standards in terms of the construction and it is only through distinction and innovation that the most successful companies in the real estate industry will maintain their leading positions,' said president of Tameer Holding Omar Ayesh.

Featuring a striking design and boasting a mixture of 695 smart enabled units composed of one and two bedroom apartments, three and four-bedroom penthouses, and villas, the project also includes two health clubs and a state-of-the-art business centre all located at one of Dubai's most exclusive address and is a freehold ownership.Trade Arabia News Service