Dubai-based property developer Select Group has awarded a construction contract worth AED 1 billion (approximately $296 million) to Al Basti & Muktha (ABM) for the development of Peninsula Four at Business Bay.

The soon-to-be waterfront community will house 1,025 units with more than 2.2 million square feet of gross floor area, including duplex penthouses, studios, 1-, 2-, 3- and 4-bedroom units and penthouses.

The plaza will offer indoor and outdoor dining and retail amenities as well as gardens and common areas.

The contract award completes the start of all construction phases of the Peninsula development, the developer wrote in a statement, and the official website says Peninsula Four Plaza is scheduled for completion in the second quarter of 2026.