Sunday, May 24, 2009

Ishraqah awards AED 200 million contract for the construction of “Seasons Community” to Bin Shafar

Ishraqah awards AED 200 million contract for the construction of “Seasons Community” to Bin Shafar

May 24, 2009
Ishraqah, a real estate development company, has announced that it has awarded an AED 200 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. The associated 7 to 10 per cent increase in construction costs due to environmental considerations will not prevent us from pursuing our sustainability agenda.” Added Al Falasi

“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,” concluded Walid Al Bagoury, Managing Director, Bin Shafar Contracting.

Site enabling and shoring works for the second phase of the project are currently underway, while the main building tender package will be launched in the next few days. In addition, several qualified bidders have lined up for the construction of the townhouses in the first two phases of the project. Ishraqah is presently coordinating with Masharea Project Management on the analysis and evaluation of these bids and the selection of the successful bidder will be announced in the upcoming weeks.

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. Ishraqah and its sister companies currently manage a portfolio of real estate developments of over AED 9 billion covering the UAE and KSA markets with offices in Dubai, Riyadh and Jeddah.

Ishraqah is also overseeing the development of a commercial complex on Sheikh Zayed Road beside Emaar Business Park called The Onyx. The project features two office towers, a business hotel, and dining & retail facilities. The Onyx covers a total construction area of around 2.3 million square feet and includes a 5-level car park with slots for approximately 2,000 cars.

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