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Two firms win $68m Al Manal contract

Dubai, February 26, 2008

Al Manal Development has appointed two firms to build their La Vista Residence project in Dubai Silicon Oasis (DSO).

Zahrat Al Safa Construction Co. and Al Qandeel Contracting Co. won the combined contract worth Dh250 million ($68m) to begin work on the residential property development in March this year, with construction expected to be completed by August 2009, the company said in a statement.

La Vista Residence project comprises of seven residential buildings each eight storeys high, offering a total of 832 residential units, it added.

Zahrat Al Safa Construction Co. will work on the first five buildings, while Al Qandeel Contracting Co. will build the remaining two.

The project has a total built up area of approximately 943,000 square feet, which will cover 290,000 square feet of DSO land.

Once completed, the project will offer studio, one and two bedroom apartments and will be located in a prime area in Dubai Silicon Oasis very close to Emirates Road, New Ring Road, Dubai Land & Academic City, the company said.

More than 75 percent of La Vista Residence’s units have already been sold since the project was first launched in May 2007; and prices per square foot have gone up by 15 percent since then, it added.

Al Manal Development chairman Juma Al Ghurair said La Vista Residence is a family orientated community which provides a good location next to schools and shopping malls in the DSO.

“We’re delighted to select reputable and reliable companies such as Zahrat Al Safa Construction Co. and Al Qandeel Contracting. We have every confidence that the construction will proceed smoothly and up to the high standards of quality that both companies are noted for,” he said.

La Vista Residence includes amenities such as a swimming pool, Jacuzzi, kids’ pool, party hall gymnasium and sauna.

The residence will also feature 24 hours Security and covered car parking for 860 vehicles and is due for completion in August 2009. – TradeArabia News Service




Tags: Construction | building | Al Manal Development | Zahrat Al Safa | Al Qandeel |

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