DUBAI -- China State Construction Engineering Corporation (CSCEC) has announced an investment of $1 billion?in Skai Holdings' Vicerory Dubai Palm Jumeirah project, the daily The National reported.

The CSCEC, the main contractor of the project, will build a 481- room hotel and 221 residences on man-made peninsula Palm Jumeirah in Dubai, the report said.

The project will include a luxury hotel, 221 signature Vicerory Residences, 10 of the world's best restaurants along with a gourmet market and bakery, three outdoor swimming pools as well as spa facilities.

The construction is expected to be completed in the last quarter of 2016.