Abu Dhabi: SinoGulf Real Estate Investments LLC (“SinoGulf”) announced today that it has awarded the main AED 336 million building contract for their mixed use tower within the Capital Centre Master plan to Group 3 Engineers Contractors LLC (“Group 3”).
The tower’s total built-up area of 89,700 sqm, provides 41,000 sqm of international grade “A” commercial office space, ground floor retail and seven levels of car parking. Completion of the project is due in Q2 2011. The excavation and piling works, contracted to NSCC, for the 4 levels of basement car parking is currently nearing completion.
Andrew Clout, Managing Director of SinoGulf said:
“This project has weathered the regional construction inflation witnessed in the first half of 2008 and the international financial crisis that followed. The resulting product, combined with its location within the 2030 Plan for Abu Dhabi, is a superior designed and highly efficient internationally specified commercial building that will be a premier product in Abu Dhabi commercial office market for years to come. Group 3 has been selected through a long, comprehensive and exhaustive pre-qualification process. Their active participation, transparency and willingness to assist is highly appreciated and key to their selection. We look forward to working closely with Group 3 to ensure that we, and our partners Eastgate Capital Group and ADNIF are fully rewarded for our long term investment”.
Khaled Souki, Partner and General Manager of Group 3 said:
“We are delighted to have been appointed by SinoGulf on this prestigious project. Having operated in Abu Dhabi as a specialist contractor for almost four decades, we have remained selective on projects we take on despite local market conditions. The SinoGulf development at Capital Centre is an attractive tower where, we are confident of contributing to and sharing the client’s philosophy to build “A” grade buildings, currently in high demand within the region. We hope our commitment to the project will help reinforce our relationship with SinoGulf as a preferred contractor on future development projects”.