Sunday, May 9, 2010

Schön Properties awards AED 82.25 million construction contract to Commodore Contracting LLC

Schön Properties awards AED 82.25 million construction contract to Commodore Contracting LLC

Developer aims to accelerate construction within Zone 2 and 4 of AED 3 billion ‘Dubai Lagoon’ project

May 09, 2010

Schön Properties, a leading regional property developer, has announced that it has awarded an AED 82.25 million construction contract to Commodore Contracting LLC, in line with its aims to accelerate construction within Zones 2 and 4 of the AED 3 billion ‘Dubai Lagoon’ project. This new agreement, which will involve all concrete & block works, double basement, superstructure, water proofing and related works for both zones with a combined built up area of 1,412,648 square feet, will pave the way for more streamlined development of the site. Commodore Contracting joins the project’s existing contractors, Bin Sabt Building Contracting Company, which has almost completed the structure of Zone 1 and Belhasa Contracting and Engineering Company (BHECC), who are already on site with an intensified construction program planned for Zone 3.

With building permits already issued and mobilization of cranes already started for Zone 2, actual construction is expected to start within three weeks and the ground floor will be hit by mid-September, according to the schedule set by the contractor. At present, Commodore Contracting is setting up its offices on site, and is scheduled to commence concrete pouring in Zone 2 by the third week of May, with Zone 4 to follow after a month. Other deadlines set under the contract are the 15-month allocation for the superstructure, block work and water proofing, which will start from date of transfer of building permit, and a 4 to 5-month deadline for the double basement. More than 30 engineers, foremen and executive staff will be working on the project, along with approximately 300 labourers for each of the zones, to ensure the completion by the end of 2012.

“With the appointment of Commodore Contracting, we are confident that progress on the project will be stepped up significantly. With accelerated mobilisation, construction will proceed on both zones with a one month lag between the two zones,” said Khizer H. Schön, Executive Director, Schön Properties. “Our single focus is on delivery, and we are collaborating with our new partner Commodore Contracting, as well as our project consultant Mazaya to ensure that all deadlines and quality reassurance criteria are met.”

Established in the UAE in 1976, Commodore Contracting commenced its operations in Abu Dhabi by successfully being entrusted to build a number of projects such as ‘Sama Tower’, ‘Seba Tower’ and the new headquarters for the ‘International Petroleum Investment Company (IPIC)’. The company’s operations in Dubai have been producing equally bespoke and prestigious projects, including ‘Prism Tower’, ‘Sharjah Residential Tower’, with continuing works being undertaken for Jumeirah Towers in the Dubai Marina area and Fujairah Resort Hotel. Today, the ISO-certified contractor continues to progressively expand its operations in Beirut, Doha, Tehran, Rabat and Berlin.

“Our unquestionable track record of efficiency has returned superb results in the delivery of major projects, and we are confident that our proven competence will play a crucial role in the completion of the remaining zones of this project. With reciprocal trust and the best endeavours, Commodore Contracting, Schön Properties and Mazaya Engineers should prove an excellent team with a pragmatic working relationship providing the impetus for all parties to meet the implemented deadlines,” said Amin Hesdin, Chief Operating Officer and Senior Vice President, Commodore Contracting Company.

Schön Properties has been reviewing different ways to expedite construction of its flagship 6 million square foot development, with the recent launch of a RERA-approved construction-linked payment plan being the latest initiative to fast track the delivery of the community development. According to latest status reports monitored by RERA and project consultant Mazaya, Zone 1 of the project is recording the highest percentage of progress, with almost all building structures and block works complete, while construction within Zone 3 is complete up to the second floor slab. In order to improve the customer services and prompt response to queries, the developer has also assigned a dedicated ‘Relationship Manager’ (RM) for each investor, to handle every detail of their investment with the developer. Once complete, Dubai Lagoon will be one of the city’s most picturesque and fully integrated residential communities, offering 4,166 units within 53 low-rise apartment buildings spread over an area spanning 1.75 million square feet.

“The initial response towards the RERA-approved payment plan has been positive, which indicate our investors’ understanding of the initiatives we have taken to ensure the delivery of the project. We continue to assert our efforts to ensure the fulfilment of our commitments to investors in the best possible time and to the highest attainable quality, and we would like to thanks our investors for their support and understanding,” concluded Khizer H. Schön.

About Schön Properties
Established in 2004, Schön Properties are one of Dubai's leading private developers. The company has several prestigious projects to their credit, including Schön Business Park, Schön Suites and their flagship 5.7 million square foot development Dubai Lagoon.

It has been the company's driving ambition to continuously grow, succeed and become prominent in every field of business it chooses to engage in. Schön's senior management brings a rich equity of diverse experience in real estate, finance and various other industries. This coupled with traditional family values of fairness and honesty in every aspect of the business, ensure maximum value to its customers and partners.

The company's unique combination of experience and expertise, maintains the equality between the brand's promise, and the resulting experience.

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