Al Basti & Muktha (ABM) has received a contract worth more than Dh1bn ($296m) from Dubai developer Select Group for the 'Peninsula Four, The Plaza' project in the United Arab Emirates (UAE).

Peninsula Four, The Plaza features two 52-storey residential towers, a medium-rise commercial office building, 16 premium waterfront duplex lofts, and a crafted community plaza.

The development is a community-focused waterfront development in Dubai’s Business Bay.

It is the final component of the Peninsula master community developed by Select.

This contract award marks the final step in commencing all construction phases of the project.

With 1,025 premium units, Peninsula Four, The Plaza will have a built-up area of 2,256,761ft². BSBG will serve as the design architect, executive architect, lead consultant, and structural engineer for this development.

Select has stated that all excavation, shoring, and piling activities have been completed for the 320,000ft² site.

ABM is now preparing for the primary construction phase of the project.

Select founder and CEO Rahail Aslam said: “Their [ABM's] reputation for delivering projects of the highest quality matches our commitment to excellence. We are confident that together, we will create an iconic development that will set new standards in luxury waterfront living.”

ABM has already signed other contracts to deliver additional projects within Select's waterfront community.

These include Peninsula Five, The Signature Collection, and the Jumeirah Living Business Bay, a branded residence designed by Killa Design.

ABM chair Tushar Pathak said: “We are thrilled to have been selected as the construction partner for Select Group's newest project within the Peninsula waterfront community - Peninsula Four, The Plaza.

“Partnering with Select Group on this prestigious property development is a testament to our commitment to delivering excellence in construction.”