Property developer Al Mazaya Holding has appointed General Construction Company as the main contractor for the Al Mazaya Business Avenue project at the Jumeirah Lakes
Construction costs for the project, which includes three 45-storey towers designated for commercial use, amount to $218mn (AED 799). The project is set for completion by the end of 2009 at a total cost of $340 million.
Two of the towers were sold at the beginning of 2007, the first by Hilal Al Zarooni Group and Dynasty Enterprises for $111 million, and the second Hilal Al Zarooni and BARAQ Group for $109 million.
The third tower will become a long term investment for Al Mazaya, and will be let out in order to generate income.
Khalid Esbaitah, executive manager and CEO of Al Mazaya Holding said the project would play an important role of alleviating a shortage of office space in Dubai.
GCC said in a statement the project “is a hallmark of the leading vision and innovation that make Al Mazaya a leading real estate developer in the region. We are confident that we are up to the challenge of joining Al Mazaya in creatinga new landmark in Dubai.”
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