The contract for the Princess Tower, set to be the world’s tallest residential building, has increased by less than 3% in over two years, Arabian Construction Company (ACC) revealed to Construction Week.
The original contract for the tower was US $190 million (AED700 million) and has now increased by around $5.4 million.
“It terms of the original contract we are very close to meeting this budget. I think we have variations of around AED20 million, which is very small indeed – it’s less than 3%. This is a very good situation to be in at the moment,” said ACC project manager William Parker.
Construction on the 100-storey building began in February 2007, three months after the main construction contract was awarded, and is set to be complete by July 8, 2011.
ACC currently uses Primavera construction software to control its costs but will shortly be implementing an integrated management system.
“All of our projects are going live with SAP management software this month,” Parker added. “This reports at a site level, a regional level and a group level.”
Floor slabs on the development have reached the 58th floor and the core of the building is currently at level 70.
“At the moment we are completing floors every six to seven days and are ahead of schedule by around five to six days,” he said.
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