Capital prepares to award the first River Walk construction contracts
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Capital Partners has revealed that it has already pre-qualified a number of contractors for the first main construction package of the US $800 million River Walk project in Dubai.
The US real estate giant expects to award the construction contracts within the next three months. Managing director Jonathan Wride told Construction Week: “Pre-qualification is complete, and we hope to make a contract award for the main construction package of phase one within 90 days.”
Located on a 156 720 m2 plot on Sheikh Zayed Road, the River Walk project will be built in three phases, with final completion currently scheduled for summer 2007. It is intended that the development’s 1700 residential units will be sold as freehold property.
Al Habtoor Engineering has already begun the enabling works for phase one, which will eventually be a residential tower with 600 to 700 units and a built-up area of 130 000 m2.
Construction of phase two starts later this year, and when complete will offer 220 000 m2 of built-up space.
This phase will involve extensive infrastructure works, including the excavation for the project’s main water feature that will create a man-made island in the centre of the development. This island will house some of the retail units, coffee shops, art galleries and a business hotel managed by an international chain.
Work on phase three is expected to start early next year and will include work on the commercial component of the development, and the remainder of the residential and retail space. This phase will be the smallest of the three and will offer 150 000 m2 of built-up space.
The construction period for each phase is two years, and the developer expects that all phases will be completed within six months of one another.
Dar Consult is the consultant overseeing the construction of the project. The project is funded by what is believed to be the largest single foreign direct investment into Dubai.
Approximately $200 million of equity has been raised in
the US by the developers Dubai-based Capital Partners, together with its sister company, San Francisco-based Buena Vista Group.