Gulf Construction Online - Rainbow rising as $122m contract is awarded

UAE Focus

Rainbow Towers ... $462-million project.

Rainbow rising as $122m contract is awarded

01 January 2009

Leading UAE developer Sweet Homes has awarded a contract worth Dh450 million ($122.5 million) to Sharjah-based Master Civil Construction Company for the construction of Towers B10, B14 and B15 – three out of the nine towers comprising its Dh1.7-billion ($462 million) Rainbow Towers project.

The move follows the completion of a Dh12 million ($3.26 million) shoring and excavation contract undertaken by Piling Tech for the initial groundwork of the three towers. The high-profile residential project in Emirates City in Ajman marks the developer’s first project in the UAE, and is set for completion by the last quarter of 2010.
The agreement was signed by Sweet Homes Group CEO Fahad Sattar Dero and Master Civil Construction general manager Ehab Nagati Khafagi, following a groundbreaking ceremony at the construction site.
The contractor has committed to complete construction within 24 months through its team of engineers, project managers, site supervisors, quantity surveyors and construction workers that have been assigned to the project. The developer has also named Eng Adnan Saffarini Office as the design and supervision consultant for the project. Rainbow Towers is expected to bear the hallmark of the contractor’s high quality construction, evident in ongoing projects.
“Rainbow Towers is our first real estate venture and it is only fitting that we partner with the best and most experienced firms to ensure the implementation of best-of-breed industry standards in our projects’ construction processes,” said Dero. “Piling Tech had finished the shoring and excavation as they have promised in three months, and we now expect Master Civil Construction to provide outstanding services, transform our vision into reality, and aid us in our aims to be one of the first developers to deliver a world-class project in Ajman.”
Located along Emirates Road, Rainbow Towers will comprise nine 31-storey residential buildings fully equipped with high-speed elevators, a state-of-the-art fitness club, jacuzzi and sauna facilities, sports bar, recreation area and a rooftop swimming pool.
In addition to the development’s highly accessible location and top-notch facilities, it has also caught the attention of investors through its unique and highly flexible four-year self-financed payment scheme, with 50 per cent of the value due upon the project’s completion, 25 per cent due upon delivery and the remaining 25 per cent due after the handover. As a testament to the project’s investment appeal, the developer earlier announced the sell-out of six towers, with 70 per cent of the remaining three towers already sold and high expectations of selling out the entire project in the next few months.