US $80mn Jumeirah Village contract awarded

Construction is underway in Jumeirah Village.

Dubai-based Almasah International Real Estate has awarded a US $80 million (AED295 million) contract for the construction of three projects in Jumeirah Village.

The contract was awarded to a joint venture between Axis Idenitity Group, Markizz and Al Ghaith who will construct residential buildings Cadi 4, Jouri 5 and Judi Palace.

“Our main objective is to move ahead with our projects to ensure they are delivered to our investors within the agreed time frame,” said Almasah chairman Dr Abou Taleb Talebi. “The appointment of this consortium secures the different aspects of construction under one agreement so the projects can move fourth uninhibited.” 

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Foundation work will be completed during the second half of this year, at which stage main construction will begin, and final delivery for the projects will be in the second and third quarters of 2010.

Managing partner of Markizz Atif Naweed, represented the consortium in signing the agreement in the presence of the group chairman F C Foo.

Axis Identity Group, Markizz and Al Ghaith have been involved in several projects in the UAE, among them being the Emaar Business Square, Al Turath Culture Village, Elite Hotel and RAK Hilton.

Al Masah has a total of 19 projects under construction with a total value of $1 billion.

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