China State, Dubco nab contracts for $272m UAE homes
Sheikh Zayed Housing Programme has awarded two construction and maintenance contracts for the Al Montazi Residential Complex in Ajman, with CSCEC ME's deal worth $173m
The UAE's Sheikh Zayed Housing Programme (SZHP) has awarded two construction and maintenance deals for the Al Montazi Residential Complex in Ajman, worth $272m (AED1bn).
China State Construction Engineering Company Middle East (CSCEC ME) and Dubco Construction have been awarded the contracts.
Dr Abdullah bin Mohammed Belhaif Al Nuami, the UAE's Minister of Infrastructure Development, and chairman of SZHP's board of directors, signed the contracts in Dubai.
According to CSCEC ME, the company will act as main contractor for construction and maintenance of 482 units – Groups A and B – of the project.
The value of its contract is $173m (AED635.4m), the Chinese contractor said on its website.
"The contracts state that the allocated land will be fully settled, and coordination will soon begin with local authorities to [...] launch of the project, the largest of its kind in Ajman," WAM reported.
Al Montazi Residential Complex is located in the Mohamed bin Zayed Region of Ajman.
Spanning 954.5km2, the development will also meet contemporary sustainability demands, since SZHP applies the Estidama and Pearl Rating standards to all its residential projects.