Source : Business Times - 24 Sep 2008
CAPITALA, a CapitaLand joint venture with Abu Dhabi-based Mubadala, has awarded the main construction contract for Rihan Heights, the first phase of its US$5-6 billion flagship project Arzanah in Abu Dhabi.
The contract, valued at AED 1.9 billion (about US$500 million) has been awarded to a joint venture between Malaysia’s Sunway Construction and Abu Dhabi-based Silver Coast Construction & Boring Est.
Capitala said the contract cost of AED 1.9 billion is within budget and is part of the estimated total development cost of Arzanah.
Wong Heang Fine, acting CEO of Capitala, said: ‘We have achieved a significant advantage with the completion of our enabling works ahead of schedule. Main construction works are due to commence this coming November. We are on target to complete Rihan Heights and start the gradual handover of residences to buyers in the first quarter of 2011.’
Capitala was formed this year to design, build, manage and maintain integrated communities in Abu Dhabi.
Mubadala has a 51 per cent stake and CapitaLand the other 49 per cent.
Arzanah is a 1.4 million sq m fully integrated mixed use development surrounding Abu Dhabi’s Zayed Stadium.
Rihan Heights comprises five residential towers with 854 apartments plus 14 villas.
The 25-month main construction contract for Rihan heights covers all other construction activity and associated mechanical, electrical and plumbing works.
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