Dubai-based Radiant Star on Monday unveiled its AED325 million ($88.4 million) Riah Towers project, a 17-storied freehold development in Dubai Culture Village.

The project will feature 156 residential units and four commercial spaces near the central business district of Dubai, the company said in a statement.

Radiant Star added that the development overlooking the historic Dubai Creek is close to completion and will be ready for handover in the fourth quarter of this year.

Balaji Parthasarathy, director, Radiant Star Group of Companies, said: "We are confident that Riah Towers will add to the skyline of Dubai Culture Village offering end users and investors best-in-class residential accommodation in a natural ambience with architectural excellence influenced by the Emirati culture."

He said Riah Towers will comprise six duplex penthouses, 45 one-, two- and three-bedroom units each, 15 studios and four units of commercial spaces.

"Dubai's residential real estate market has passed through major overhaul in the last three years and market preference for projects nearing completion and completed ones are high on the agenda and the significance of Riah Towers as a mature and prudent investment comes in this context," he added.

Dubai Culture Village is being developed by Dubai Properties Group.