Record pace of construction on AED 80 million ‘Cambridge Business Centre’

Record pace of construction on AED 80 million ‘Cambridge Business Centre’

Memon Investments prepares to handover project to investors by fourth quarter of 2009

April 20, 2009

Memon Investments, a leading Dubai-based property developer and part of the international business conglomerate, the Memon Group of Companies, has revealed that it is witnessing unprecedented construction progress on its AED 80 million ‘Cambridge Business Centre’ project in Dubai Silicon Oasis, despite the massive setback being faced by the UAE real estate and construction sectors. With construction of 3 of the 10 floors completed, initial steps are already being made in preparation for the scheduled handover of the project to the investors by the fourth quarter of 2009. The announcement is in line with the developer’s aims to build and deliver existing projects by leveraging its strong financial backing and partnerships with leading construction companies.

As Memon Investments’ first commercial project in the region, ‘Cambridge Business Centre’ is the collaboration of a dedicated team of industry professionals who were tapped to bring in their expertise and ensure that the project will be at par with global standards for luxury commercial developments. Cairo Contracting Company, which has been awarded the main contract for the business tower, is among the UAE-based companies spearheading the construction progress of the commercial tower. Other construction majors involved in the project include WIN GATE Electromechanical Services, Stromek Emirates Foundation, HI-TECH Electro Mechanical Contracting Est., and Shanghai & Arabian Electromechanical LLC.

“We are very proud to announce the exceptional progress we are seeing in the construction of our inaugural commercial tower, especially at a time when many construction projects are being delayed or cancelled as a result of the financial turmoil,” said Rizwan Shaikhani, Joint Managing Director, Memon Investments. “I believe that it is our strategy - one that involves strategic partnerships with leading construction organisations, as well as our fervent desire to satisfy the requirements of our customers - that is driving our success amidst these trying times.”

Set to feature classic British architecture across its small, medium and large offices, ‘Cambridge Business Centre’ will boast of advanced facilities such as Wi-Fi technology, keyless entry and hi-speed internet connection. Commercial tenants are expected to benefit from the host of services and facilities on offer within the tower, which is set to house retail shops on the ground floor, banking facilities and a travel agency, in addition to amenities for rest and relaxation such as a fully-serviced health club at the rooftop. The 10-storey tower will offer a total built-up area of 160,000 square feet upon its completion by the fourth quarter of 2009.

“Cambridge Business Centre marks the first commercial project we have launched and the success of this development is essential in our aims to build a strong repute within the UAE real state market. Our unwavering commitment to quality has brought us to our success in Dubai, and we are confident that this upward momentum will propel out growth within other promising destinations across the Emirates as well as the region,” concluded Shaikhani.