Korean company, Shinsung, has won two contracts worth a total of US $408 million (AED1.5 billion) for the construction of German developer ACI Real Estate's Boris Becker Business Tower and Michael Schumacher Business Avenue in Business Bay.
Construction on both towers has begun and the project manager for both is Conser, while the architect is Archen Architects.
The entire project is called Sports Legends Trilogy and includes a third project worth $204 million, called the Niki Lauda twin towers, where construction is yet to begin.
The masterdeveloper for all three projects is Dubai Properties.
The $149.7 million Boris Becker tower will be 19-storeys, spread over 41,905m2, while the $272 million Michael Schumacher Avenue will be made up of 29 storeys and will also span an area of 41,905m2.
"The project is both ambitious, but timely," said Robin Lohmann, managing director of ACI Real Estate. "Dubai is a city of records, where masterpieces are made, and milestones achieved. Alternative Capital Invest caters to a select pool of investors and has a proven track record of deals, backed by prudent science.
Like the Niki Lauda Twin Tower, and Michael Schumacher Business Avenue, the Boris Becker Business Tower is in good company, situated on one of the most expensive pieces of real estate in the region."
The Boris Becker tower is expected to be completed in the fourth quarter of 2009 while the Michael Schumacher building will be finished in the third quarter of 2010.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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