Abu Dhabi's Tameer Towers under review

[LahoreEstate]

Thursday, March 26, 2009

Tameer Holding announced yesterday that its Dh.5.78bn Tameer Towers project at the Reem Island in Abu Dhabi, has been put under review.

According to the company sources, the developer is planning to cancel its construction contracts with Al Habtoor Engineering, Al Rajhi Contracting and Murray & Roberts. However, the company is also said be thinking about the option of hiring the same contractors at re-negotiated prices.

According to a company official, Tameer has however confirmed that the Tameer Towers project will move ahead. The enabling works are already completed, and the residential sub-structure works would begin on completing this assessment.

Currently several real estate developers are re-negotiating construction contracts, as the prices of raw materials such as steel and concrete have fallen, and in few cases, the developers have even passed on the savings to buyers by lowering home prices to increase sales.

Tameer Holding had laid off more than half of its employees late last year, when the property sector swept into recession. The Tameer Towers is expected to be a major project of the Shams Abu Dhabi development on Reem Island. The project was planned to include six towers, with four residential and one commercial building, and a hotel, apart from other amenities.

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