Piling work starts at Dheeraj & East Coast’s AED 300 million D.E.C Towers in Dubai Marina
Dheeraj & East Coast L.L.C, the joint venture between India’s Dheeraj Group and the UAE’s East Coast Group, has announced start of piling work for their maiden project in Dubai – AED300 million D.E.C. Towers, in Dubai Marina which is set to be delivered in 2007.
Announcing the enthusiastic response from investors to the world-class semi-mixed use D.E.C. Towers, senior officials of the joint venture said 90 per cent of the freehold development has been sold out while the developers have held back the rest 10 per cent for strategic investors.
Commenting on the progress of the project, Mr. Dheeraj Wadhawan, Director of Dheeraj & East Coast L.L.C., said: “The response to D.E.C Towers has been tremendous, which is certainly a reflection of the robust nature of the freehold residential and commercial real estate sector of Dubai and the region. The success of D.E.C. Towers comes as an encouragement to us to fast-track our investment plans for Dubai’s freehold project, which includes two more world-class projects in Dubai Marina and Al Jadaf.”
Mr. Dheeraj said the company has already tied-up with strategic development partners for the D.E.C. Towers and Strabag Dubai has been appointed as the main contractor for the project. “The shoring and excavation at the site is now complete and piling work has already begun, putting the development of the project on schedule to delivery. We have carefully chosen our partners keeping in mind our commitment to develop D.E.C. Towers as a world-class development with cutting-edge amenities and comforts.”
The project’s partners include Asteco Development Management for project management and development and AEIB as consultants. The excavation and piling contract has been awarded to Swissboring.
MEP contractors for the project are Menasco Mechanical Contracting in joint venture with Powerline Engineering Public Company Limited, the largest MEP contractor from Thailand.
DE.C. Towers which was unveiled in July last year marks the Dheeraj Group’s foray into the real estate and construction market of the Middle East. The project will overlook the marina and will comprise a 25 and 21-storey two-tower residential component and an L-shaped three-storey complex in front of it with commercial space on the ground floor. The project will have facilities like a two-level car park, Business Centre, Day Care Centre and a host of other modern amenities for contemporary living.
The facilities of D.E.C Towers also include Olympic size swimming pool, health club, tennis court, squash court, outdoor jogging tracks, billiards room, CCTV monitoring in public places, retail space for shops, boutiques and restaurants.
“D.E.C Towers is a significant strategic expansion for us to tap the potential of the freehold residential and commercial property market of the region and our joint venture with East Coast Group has blended expertise with local market knowledge, a combination which will enable us to further our investment strategy for Dubai and the region,” Mr. Dheeraj said.
Dheeraj Group is one of the leading Mumbai-based property developers from India. Established in 1978, Dheeraj is a renowned real estate developer with an array of world-class projects in its portfolio in several cities in India including the commercial capital of the country, Mumbai. It is reputed for across-the board expertise in real estate development and has developed over 100 residential, commercial and industrial buildings in Mumbai alone.
The East Coast Group is a UAE-based business group owned by UAE nationals. The group was established in the 70s with East Coast Contracting and Trading as a construction company. While concentrating on construction, building materials, the group has diversified interests and investments in different businesses.