ETA Star, a leading freehold property developer in the UAE, has awarded a AED 19.7 million contract to Dutch Foundation & Concrete Processing Co. to carry out enabling work on The Summit, a 38-storey commercial and office tower located between Dubai Media City and Dubai Marina on Sheikh Zayed Road.
Under the contract, Dutch Foundation will handle all aspects related to the enabling package of the AED 700 million project, which include design, approval, supply, installation, guarantee and maintenance. The enabling work will cover mobilization shoring, earthwork, excavation, dewatering, piling work and testing, among others.
Abid A. Junaid, Executive Director, ETA Star, said, “We have worked with Dutch Foundation in other projects and we are very satisfied with the results. ETA Star is again looking forward to another fruitful collaboration in another very ambitious venture, The Summit, which is a first-of-its-kind condo office concept. This is a very crucial stage in the project as the enabling work will lay out the foundation of The Summit. We are confident that the Dutch Foundation will do a splendid job, which is why we are very pleased to award the enabling contract to them, knowing that we are also bringing a reputed name into this prestigious project."
Dutch Foundation will complete the enabling works in 175 days. It will also oversee the dewatering, which will be carried out by a sub-contractor for a contract valued at AED 500,000.
Commenting on the project, Dutch Foundation's Salim Khoury, Managing Director, said, “The enabling works mark a critical phase of the project, which Dutch Foundation will carry out with utmost diligence and a keen eye for detail, knowing the delicate nature of the job. ETA Star adopts the highest quality standards, which will give us the most desirable results. We are delighted to be part of this important venture by ETA Star, and we will exhaust all efforts to deliver only the best for the project."
The Summit tower, which guarantees occupancy and investment return through a special rental pool system, will cater to small and medium investors looking for a guaranteed tenancy occupation and steady return on their investment.
Taking its name from the tower’s imposing design, The Summit offers a total built-up area of about one million square feet. Price starts at AED 1,300 per square foot. The Summit comprises four basement floors, a ground floor for commercial space, six parking podiums and 31 floors of office space. The tower will bring a total of 420 small office units ranging from 1,100 to 1,200 square feet. The Summit will be one of the first commercial properties in the region with up to 80 percent finance being offered by First Gulf Bank.
© 2007 Al Bawaba (www.albawaba.com)
