North Down Borough Council hired Farrans Construction for the work, which is set to begin at the end of the month.
The pool will be the first one of its size in Northern Ireland and it is hoped it will be open to the public in 2012.
Sports minister Nelson McCausland, commented: "The commencement of this project will be a major boost to our local construction industry."
It is expected jobs for 200 people will be created to build the £38 million structure, into which the Northern Ireland Executive has invested £15 million.
Farran Construction is based in Belfast and currently has over 1,000 employees as well as regional sites in Edinburgh, Dublin and Cambridge.
Managing director of the company Eamonn Sweeney said the project will safeguard the employment of 20 staff, as well as creating new jobs through the supply chain.
Posted by Jonathan Gordon