"The main reason for that (the delay), is the replacement of the main contractor which entails mobilization and demobilization, which took a great deal of time," Marwan Al-Nouti, finance manager, Zahran Group, told Arab News.
According to reports, in October of 2008, Arabian Construction Company (ACC) was initially awarded the main contract, however the developers of the project, Cayan Investment and Development, without reason decided in May 2009 to re-award the main contractor contract to Dubai-based Arabtec Holding Company.
In addition, Cayan is said to no longer be on the project either, according to sources at the Cayan office in Riyadh. "We have completed our contract at the beginning of last year and you must now speak with Zahran Group which is now in charge of the project," the source told Arab News.
"Regarding Cayan, the owner, Lamar Company, made the decision to manage this project through one of Zahran Group's companies, Zahran Real Estate," Al-Nouti explained.
Concerning progress of the project, a ceremony sponsored by Cayan was staged in November 2009 to mark the completion of work for the foundations of the first of the two massive towers, nonetheless, according to data from Zawya Property Monitor, construction was not conceived to be ongoing until only recently when the project development has taken off in November of 2010.
"Currently the project is running well and if you observe the percentage of completion within the last three months of work, you will agree," Al-Nouti said.
Al-Nouti also stated that of the total current cost of the project, estimated at SR2 billion ($533 million), 65 percent has been financed by the owner.
Lamar Towers, which derives its name from the Arabic meaning of molten or liquid gold, will be built in five phases and cover 413,000 square meters with the first tower planned to contain 68 stories as a residential tower and stand 322 meters with the second to contain 60 stories and stand 293 meters high. The project will also contain a 13-story mall/spa. Once completed, the towers are expected to take their place as the Kingdom's tallest building.
Also on the project, Drake and Skull is working on the mech-electric and plumbing (MEP) with Kashtas Arabia doing the piling and foundation works. Saudi Diyar Consultants under the construction management services of Turner Arabia designed the towers.
