Contract award expected on Ocean Terrace project
Al Tamouh is expected to award the main construction package this week on US $111 million job
Abu Dhabi-based developer, Al Tamouh Investments, is expected to award the main construction package on its US $111 million (AED408 million) Ocean Terrace project on Al Reem Island in Abu Dhabi this week.
The project is located in the D section of the first phase of the island development and involves the construction of a 43-storey residential tower. The consultant on the project is Malaysia’s GDP, while First Gulf Bank is providing the finance.
Ocean Terrace will be built on a total area of 89,473m2 including 53,804m2 for the tower and 35,669m2 for a car park that will be able to accommodate 1000 vehicles.
Speaking to Construction Week, Al Tamouh Investment’s design and development director, Douglas Small, said: “The piling work is almost over and we will be announcing a contractor for the main construction package sometime this week.
“The Ocean Terrace project actually consists of twin towers, one of which is being financed by First Gulf Bank. It has bought the designs and the plot for the tower but Al Tamouh is developing it and will be involved with the construction.
“We are looking at completing the project by September 2008, in time with the completion of the entire plot one area of the island. Most of the individual projects in plot one will finish at the same time so that people can move in without having to live on a construction site,” said Small.
Al Reem Island is being developed by three major Abu Dhabi-based developers, including Al Tamouh Investments, which owns 60% of the island, Al Reem Investments, which owns 20%, with a project called Najmat and Sorouh Real Estate, which is developing Shams on the remaining part of the island.
The island developments will spread over an area of approximately 9 million m2, and will house about 100,000 people. Located 300m offshore, Ocean Terrace will eventually be linked to Abu Dhabi by three bridges.