SHARJAH, 28 June 2007 — Tameer Holding, the region’s leading real estate development company, has signed a AED605 million agreement with Arabian Construction Company (ACC) to be the main contractor of “Elite Residence,” one of Tameer’s prestigious projects situated in Dubai Marina.
The venture between Tameer and ACC comes after the construction firm had already been commissioned to work on the “Princess Tower,” an iconic development of Tameer and considered the tallest residential towers in the world. The contract is consistent with Tameer Holding’s endeavor to team up with the region’s leading construction and contracting firms in the realization of its projects. ACC’s portfolio is comprehensive and includes desalination plants, factories, hotels and hospitals.
The Elite Residence is deemed to become one of Dubai Marina’s most striking landmarks, as it covers an area of 1,461,310 square feet, has 91 levels with 82 residential floors, four car parking floors, four basements and a height of approximately 380m.
The Elite Residence has waterfront views of the Arabian Gulf and the Palm Jumeirah, in addition to being close to Dubai Media City and Dubai Internet City, as well as high-end shopping centers such as Emirates Mall and Ibn Battuta Mall.
Omar Ayesh, Tameer Holding’s president said: “In such a highly competitive real estate market as our own, it has become imperative for firms to go that extra mile in the creation and delivery of their projects and through maintaining very high standards in terms of the construction and it is only through distinction and innovation that the most successful companies in the real estate industry will maintain their leading positions.
“This tower offers ‘smart’ residential units and is a work of art and for every step of the way — from its design to the literal engineering and development — Tameer has employed leaders in their fields to help develop the Elite Residence,” he added.
Hassan Auji, ACC general manager said: “Our involvement with such a milestone project and one of the region’s leading real estate companies, is a testament of the trust Tameer Holding have in our competency and commitment to deliver on our promises. The Elite Residence is to be one Dubai Marina’s standout towers and Tameer’s signature residential tower, and we are committed to exceed expectations.” He added: “Our timetable for the completion of this project is 30 months following the preparation of the site and piling operations.”
Featuring a striking design and boasting a mixture of 695 smart enabled units composed of one and two bedroom apartments, three and four-bedroom penthouses, and villas, the project also includes two health clubs and a state-of-the-art business center all located at one of Dubai’s most exclusive address and is a freehold ownership.