Sharpoorji scores deal to build Park Towers for Damac

US $163 million project will be completed in 27 months

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By  Christopher Sell Published  December 30, 2006

Damac Properties has awarded the US $163 million (AED600 million) Park Towers project at Dubai International Financial Centre to Indian contractor Sharpoorji Pallonji. The construction of the two-tower residential project will begin in January 2007 and is scheduled to take 27 months to complete. The towers – which have been likened in style to London’s iconic ‘Gherkin’ designed by Norman Foster in the City of London – are fully linked to the DIFC by underground areas. “Park Towers at DIFC will be built with the highest construction standards offering the latest in services and living standards. DIFC will host leading financial service companies and investors and we plan to build the best for them to suit their requirements,” said Peter Riddoch, CEO, Damac Properties. The project includes 30,000m2 of retail space over two levels connecting into the DIFC retail spine, and over 60,000m2 of high quality office space spread across seven floors. Residential towers come with a mixture of penthouses, one, two and three-bedroom luxury apartments with a health club, gym, swimming pool and golf simulator. Park Towers will be built over 515,000m2, including three basements and seven podiums. The project will overlook Park Boulevard at the region’s financial hub. Each of the towers will host a total of 216 units. The two towers will be linked through a multi-storey podium that will feature restaurants and shopping and retail spaces. The enabling works by APCC, which commenced in October 2006, will be completed in January 2007. Damac Properties also announced this month the launch of its first project in Dubailand – The Cyclades. The project, which is composed seven office buildings and named after the Greek Islands group of the same name, is a commercial property with Greek style architecture at Arjan, the master planned development within Dubailand.

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