Dubai Towers bags $230mn Ajman deal
Contracting company wins contract for main construction of Ajman's Jawahir Al Emarat residential project.
Dubai Towers General Contracting Company has been awarded a contract worth an estimated US $230 million (AED 844 million) for the main construction of Jawahir Al Emarat, a residential project in Ajman.
The client is Indian developer, BSEL Infrastructure Realty.
The project, whose overall value is $544 million, will be built as part of the Emirates City development and will be made up of seven 50-storey towers spanning an area of 740,000 m2.
The seven towers have been named Pearl, Fayrooz, Kahraman, Almas, Emerald, Sapphire and Ruby, and between them will accommodate 5,000 apartments.
The architect and consultant on the project is UAE-based Adnan Saffarini Engineering Consultants.
Piling work on the Pearl and Fayrooz towers has already begun, with construction of the first expected to be completed in December 2009, and the second in March 2010.
"We decided to enter the UAE freehold real estate market after a careful assessment of the market dynamics and various options across the emirates that can maximise returns for our investors," said Kirit R Kanakiya, chairman of BSEL Infrastructure Realty.
"In line with our core philosophy of offering quality lifestyle residences, the first of the seven towers in the project, BSEL Pearl Tower, will be in a superior class with a range of contemporary amenities."
Jawahir Al Emarat is BSEL's first project in the UAE.
Since its creation in 1995, the company has developed several projects in India including shopping malls, hotels, IT parks and commercial and residential developments.
BSEL is listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India, and the Luxembourg Stock Exchange.