Deal tops Dhs 1b
KUWAIT CITY: The appointment of the main contractor for The Palm Golden Mile earmarks a key milestone for this prestigious development, with the planned completion for this Dhs 1 billion plus project on track for the 1st Quarter of 2008. IFA Hotels & Resorts (IFA HR), a leader in the development of prestigious mixed-use resorts worldwide, and joint- venture partner Istithmar PJSC, a major Investment House, have announced the appointment of Al Shafar General Contracting Co (L.L.C.) as the main contractor for their Palm Golden Mile project.
Located
The Palm Golden Mile is located along the centre of the trunk on The Palm, Jumeirah, and will include an international shopping, office and residential destination covering some 60,000 square metres. The Palm Golden Mile will offer a broad mix of luxury apartments, townhouses and penthouses, boasting prime waterfront living. The residential properties are located above what will be the premium shopping address in Dubai. The retail will comprise some 220 of the world's most upscale stores and restaurants, designer boutiques, outdoor cafes, luxury shops and formal dining eateries.
In his comments on the prestigious project, Muneef Tarmoom, Chief Executive Officer at Istithmar, said: "We have made significant progress on The Palm Golden Mile project and are excited about the prospect of The Palm Golden Mile becoming a premier destination in its own right." On a technical side, there are ten buildings within The Palm Golden Mile, and the bulk excavations, shoring and piling for buildings 7 to 10 are now complete. NSCC/Soletanche Bachy, were awarded the contract for specialist works worth Dhs 60.5 million, and have currently completed 3 kilometers of reinforced concrete retaining walls surrounding the site.
They have also completed 900 bored piles through 20 meters deep of sand fill, previously placed by the dredging contractor whilst forming the Palm. The piles are anchored into the rock layer on the seabed. The basement levels on buildings 7 to 10 are now being excavated and the dewatering equipment is reducing the seawater level inside the retaining wall by 9 meters. Said Mohamed Saif Bin Shafar, Chairman of Al Shafar General Contracting, "We are delighted to be appointed this prestigious contract and look forward to a successful delivery of a quality project."
George Khoury, Senior Vice President Design & Development, IFA HR said: "In line with our construction plans the main contract has been awarded to Al Shafar General Contracting Co (L.L.C.) and the contractor has started work on site. Planned completion for the project is still on track for the 1st Quarter of 2008." Talal Al Bahar, Chairman and Managing Director of IFA HR, concluded "IFA Hotels & Resorts are pleased to offer The Palm Golden Mile as a unique living environment targeted at a discerning audience who enjoy an exclusive lifestyle in quality surroundings with the finest services. The Palm Golden Mile reinforces the Palm Island's standing as one of the world's premiere living and vacation destinations."
© Arab Times 2006
