Shanghai giant snares US $149mn Time Towers deal

Abu Dhabi-based real estate developer, 5 Pioneers Property Development, has awarded a US $149 million (AED547 million) contract to China's Shanghai Lonjian Industry Corporation for the construction of Time Towers in the Najmat Abu Dhabi project on Al-Reem Island.

Abu Dhabi-based real estate developer, 5 Pioneers Property Development, has awarded a US $149 million (AED547 million) contract to China's Shanghai Lonjian Industry Corporation for the construction of Time Towers in the Najmat Abu Dhabi project on Al-Reem Island.

Construction of the towers will begin this month and has a completion time of 28 months.

Khalid Al-Shamsi, chairman, 5 Pioneers Property Development said that the project consisted of two towers, one residential and the other commercial, both joined by four floors containing a parking lot and shops.

The total parking space accommodates 1112 cars, with 25 floors of offices and 26 floors containing 318 residential units.

The commercial manager of Shanghai Lonjian Industry Ramzi Malouf, said the corporation was the largest private company in the field.

According to Malouf, the corporation was also granted an international award for quality over a period of ten years, during which it has achieved a series of huge construction projects.

Malouf also said that construction industry in the UAE was one of the largest in the region, and that it contributed largely to domestic production.

"This in turn has made it a magnet for foreign investment and construction projects for conglomorate construction companies," he said. Shanghai aims to complete the towers in record time.

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