Ishraqah, a real estate development company, has awarded an Dh200 million ($54.4 million) contract to Bin Shafar Contracting for the construction of the first phase of its “Seasons Community” residential project.

Located in new Dubai’s Jumeirah Village Circle, Seasons Community consists of four low-rise clusters representing the four different seasons of nature.

The development features 1,400 units of Garden Apartments and Townhouses and will incorporate retail and other commercial and lifestyle elements. The first phase of the project is scheduled for completion in the fourth quarter of 2010.

Abdullah Bin Mattar Al Falasi, CEO, Ishraqah, stated: "We have collaborated with Bin Shafar for the creation of an efficient management plan that fully supports the project, in order to expedite mobilization and construction."

"We want to ensure that Seasons Community is completed within the shortest possible time in accordance with the needs of its future residents. The new management strategy complements the property sector’s current period of correction and is intended to help Ishraqah strategically position itself in the market and fulfill our commitment to our buyers."

“Our fresh management approach combined with recovering market conditions will maximize the appeal of both our residential and commercial projects,” he added.

Seasons Community is being developed as a “Green” community in alignment with Dubai’s Green Buildings initiative.

This commitment provides customers with more comfortable homes that cost less to operate, reduce electrical and water consumption, increase air-conditioning efficiency, improve air and water quality, and meet stringent environmental standards.

"We aim to deliver quality environmentally friendly properties to our customers at no extra cost as an affirmation of our sustainable stewardship and social responsibility."

"In fact, we hired an independent environmental consultant for Seasons Community, despite the fact that this meant delaying commencement of our original construction plan and additional costs," Al Falasi noted.

The associated 7 to 10 per cent increase in construction costs due to environmental considerations will not prevent us from pursuing our sustainability agenda," he added.

Walid Al Bagoury, managing director, Bin Shafar Contracting, said "Our inclusion in this project enables us to join Ishraqah in promoting a more positive property market outlook. It also engages us in one of the region’s pioneering sustainable developments."

We shall mobilize all of our resources to ensure that we meet the requirements & completion dates set by the developer,” he added

Ishraqah was formed as a joint venture between two prominent Gulf business groups, Al Zahran Group and Bin  Mahfouz Group, in 2006 to pursue opportunities in the regional and international property markets.TradeArabia News Service