Memon Investments, a leading Dubai-based property developer and part of the international business conglomerate, the Memon Group of Companies, announced that it has awarded an AED 65 million construction contract to OST Constructional Projects LLC for its AED 339 million ‘Frankfurt Sports Tower I’ (FST I) project in Dubai Sports City. Present at the signing ceremony were Rizwan Shaikhani, Joint Managing Director, Memon Investments; Eng. Mahmoud Al Kayem, Managing Director, OST Constructional Projects LLC and Abdul Hamid Mohd Ali Mhoma, Managing Director, Al Hatmy Design & Engineering Consultancy, where it was also revealed that the themed residential development is expected for completion by fourth quarter of 2011.
With the shoring and excavation phase already finished, the contractor has started preparing for the actual construction works, and is currently in the process of selecting and appointing competent sub-contractors to collaborate with for the project. The new contractor has expressed its commitment towards leveraging the company’s over a decade-long experience in the construction industry to ensure that all expectations for the project are met. ‘FST I’ is a B+G+14 floors building designed by Al Hatmy Design & Engineering Consultancy, and will comprise 224 units, including 140 studios, 56 one-bedrooms and 28 two-bedroom apartments within a total built-up area of 264,460 sq. ft.
“We are excited to commence the construction works on ‘Frankfurt Sports Tower I’ and to work with our new partner OST Constructional Projects, whom we have identified as an experienced and valuable partner for a large-scale project such as this,” said Rizwan Shaikhani. “We are confident that their extensive experience in building high-rise towers will help us achieve our vision for our themed residential development. Efforts to set the bar of quality above everyone else will only be successful if you have the capacity, the financial backing and the people who are up to the task, and we are certain that this recent partnership will help us set a new standard for themed apartments in Dubai.”
Taking inspiration from German architecture, the project will provide tenants with majestic views of the golf course, parks and gardens within the gated community, and feature one level of basement parking and covered parking on the ground floor, a concierge desk; roof top health club comprising of communal swimming pool, gymnasium, spa, steam and sauna, Jacuzzi, party hall, outdoor terrace and a rooftop juice bar. In addition, the tower will also have state-of-the-art amenities such as three high-speed elevators, 24-hour manned security and in-house maintenance team, hi-speed internet connection and top-of-the-line surveillance and intercom system.
“We are very pleased to have been chosen by Memon Investments to undertake this enormous and challenging task, and we are raring to see this project in full swing and finally be completed within the set deadline. Through the active support of most of the reputable subcontractors and suppliers whom we will be partnering with for this project, we are fully dedicated towards the timely completion of this project and its rise as one of the most well-built residential developments in Dubai,” concluded Eng. Mahmoud Al Kayem.
Established by Eng. Mahmoud Al Kayem in 1994, OST Constructional Projects is an ISO-certified company operating in the field of construction and is currently diversifying into the real estate sector. Its mission is to render valuable services to regional developers, which is continuously driving its growth in the market. OST has stood up firmly for over 15 years in the industry amidst the ebb and flow of the construction market, and is now considered as one of the leading companies in the field of construction.
