Damac tenders for Esclusiva tower in Riyadh
Contractor sought for 150m-high tower with Fendi-branded apartments
Residential property developer Damac has said that it will soon issue a tender for its Damac Esclusiva tower in Riyadh.
The company has just appointed Dar Al Riyadh as consultant on the project, for which substructure works are already being completed by contractors Hashim, Damac's senior vice-president Niall McLoughlin told Construction Week.
Damac launched the $213m (SR: 800m) Esclusiva project in Dubai last month.
It is one of two projects that will contain apartments designed by the inreriors arm of Italian fashion house Fendi.
It will contain around 100 Fendi-branded serviced aparments within a 150m tower overlooking Kingdom Tower in Riyadh.
Speaking at the launch of the project last month, Damac Properties managing director Ziad el Chaar said that although Saudi Arabia had not been well-renowned for prowess in residential projects, tastes were beginning to change in the marketplace."The young, affluent saudi is looking for a new way of life - something different from his father and his grandfather".
"The location we have in Riyadh can't get any better," he added. "We are on King Fahd Road, we're facing Kingdom Tower, we're in the middle of all the prestigious malls. we're in the new Downtown if Riyadh and we're close to all of the premium offices.
The Damac Esclusiva tower is set to complete in 2016.
On Wednesday (March 6), Damac unveiled a new $1bn Damac Towers by Paramount complex in the Downtown district of Dubai.
The project will feature four 56-storey towers set on top of an eight-floor podium containing an entertainment complex with food & beverage units, fitness centres and a kids' club. One of the four towers will contain Damac's first hotel while the other three will contain 1,400 hotel and serviced apartments.
A tender for that project has already been floated and a main contractor is expected to be appointed during the second quarter of 2013.