| 25 May 2009 |
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Ishraqah Awards Dh200m Contract to Bin Shafar
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DUBAI -- IshraqahIshraqah
, a real estate development company, has announced that it has awarded an Dh200 million contract to Bin Shafar Contracting for the construction of the first phase of its "Seasons Community" residential project. Located in new Dubai's Jumeirah Village Circle, Seasons Community consists of four low-rise clusters representing the four different seasons of nature. The development features 1,400 units of Garden Apartments and Townhouses and will incorporate retail and other commercial and lifestyle elements. The first phase of the project is scheduled for completion in the fourth quarter of 2010.
"We have collaborated with Bin Shafar for the creation of an efficient management plan that fully supports the project, in order to expedite mobilisation and construction. We want to ensure that Seasons Community is completed within the shortest possible time in accordance with the needs of its future residents. The new management strategy complements the property sector's current period of correction and is intended to help IshraqahIshraqah
strategically position itself in the market and fulfill our commitment to our buyers," said Abdullah bin Mattar Al Falasi, CEO, IshraqahIshraqah."Our fresh management approach combined with recovering market conditions will maximise the appeal of both our residential and commercial projects," he added.
"We aim to deliver quality environmentally friendly properties to our customers at no extra cost as an affirmation of our sustainable stewardship and social responsibility. In fact, we hired an independent environmental consultant for Seasons Community, despite the fact that this meant delaying commencement of our original construction plan and additional costs. The associated 7 to 10 per cent increase in construction costs due to environmental considerations will not prevent us from pursuing our sustainability agenda." added Al Falasi
"Our inclusion in this project enables us to join IshraqahIshraqah in promoting a more positive property market outlook. It also engages us in one of the region's pioneering sustainable developments. We shall mobilise all of our resources to ensure that we meet the requirements and completion dates set by the developer," concluded Walid Al Bagoury, Managing Director, ?Bin Shafar Contracting.
Site enabling and shoring works for the second phase of the project are currently underway, while the main building tender package will be launched in the next few days.
In addition, several qualified bidders have lined up for the construction of the townhouses in the first two phases of the project. IshraqahIshraqah is presently coordinating with Masharea Project ManagementMasharea Project Management on the analysis and evaluation of these bids and the selection of the successful bidder will be announced in the upcoming weeks.?
AT a Glance
- Bin Shafar to construct first phase of its "Seasons Community" residential project
- The development features 1,400 units of Garden Apartments and Townhouses
- The first phase of the project is scheduled for completion in the fourth quarter of 2010
© Khaleej Times 2009
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