Desert Dream, a leading property developer, has started work on a new project valued at Dh1.7 billion ($463 million) in Dubai Waterfront.

The 48-storey residential tower will come up on 67,850 sq ft of land and will include retail space, swimming pools, sauna and steam room. Prices will begin at Dh1,995 per sq ft, a company official was quoted as saying in a Gulf News report.

The company plans to strictly follow green design regulations and aim for a gold standard LEED rating for energy and water conservation.

Upcoming Dubai projects of Desert Dream include  Discovery Gardens, Business Bay and International City.