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Sat 24 Feb 2007 12:00 AM

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Sobha picks up IT Plaza contract

US $34 million tower to be constructed in Dubai Silicon Oasis will feature one of the tallest atriums in Dubai at 65m.

Locally based property developer, Fatima International, has awarded a US $34 million (AED 125 million) contract to Sobha Contracting, for the construction of its freehold commercial office tower, IT Plaza, at Dubai Silicon Oasis.

The tower is expected to be completed by July 2008.

The tower is a G+14 tower built on a land area covering over 6,690m
2

. The building consists of a 9,290m
2

shopping area that will house 70 outlets, a multi-cuisine food court, a café lounge, a fully equipped gymnasium, a health club and a parking facility for over 500 cars.

Nasir Mehmood, managing director of Fatima International said that IT Plaza is expected to achieve an appreciation level of at least 60% by the completion of the project.

"All our ongoing projects have already reached an appreciation level of 80% and IT Plaza, our fourth project, has an added advantage of being a development in the technically most advanced free zone, where licensing procedure is easier. We will be delivering two of our ongoing projects in Jumeirah Lake Towers in September this year and a fifth project is planned at Business Bay."

Yasir Iftikhar, project manager of Fatima International said that the tower, designed by National Engineering Bureau, would feature one of the tallest atriums in Dubai - 65m tall.

"We have avoided a claustrophobic design as each block has higher access and the building will suit IT professionals."

"We had awarded the shoring contract of the product to Dutch Foundation and they have successfully completed their task in time. IT Plaza has already gained 12% to 15% premium since its launch. We have an in-house project management team of architects and quantity surveyors, in addition to sales, purchase and follow up teams," he said.

"There is only one mall in the whole of DSO. Five hundred villas are already built in the area and another 1000 are in the offing."

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