Sweet Homes, a leading UAE developer, has awarded a Dh450 million ($122.5 million) construction contract to Sharjah-based Master Civil Construction Company.

The contract covers the construction of Towers B10, B14 and B15 - three out of the nine towers comprising its Dh1.7 billion ‘Rainbow Towers’ project.

The contract follows the completion of a Dh12 million shoring and excavation contract undertaken by Piling Tech for the initial groundwork of the three towers. The high profile residential project in Emirates City in Ajman marks the developer’s first project in the UAE, and is set for completion by the last quarter of 2010.

The agreement was signed by Fahad Sattar Dero, CEO, Sweet Homes Group, and Ehab Nagati Khafagi, general manager, Master Civil Construction Company following a groundbreaking ceremony held recently at the construction site.

The contractor has committed to complete construction within 24 months through its team of engineers, project managers, site supervisors, quantity surveyors and construction workers that have been assigned to the project, said a statement.

The developer has also named Eng Adnan Saffarini Office, a leading international engineering consultancy firm as the design and supervision consultant for the project..

“Rainbow Towers is our first real estate venture and it is only fitting that we partner with the best and most experienced firms to ensure the implementation of best-of-breed industry standards in our projects’ construction processes,” said Fahad Sattar Dero.

Strategically located along Emirates Road, Rainbow Towers will comprise nine 31-storey residential buildings fully equipped with high-speed elevators, a state-of-the-art fitness club, jacuzzi and sauna facilities, sports bar, recreation area and a rooftop swimming pool. In addition to the development’s highly accessible location and top-notch facilities, it has also caught the attention of investors through its unique and highly flexible four-year self-financed payment scheme, with 50 per cent of the value due upon the project’s completion, 25 per cent due upon delivery and the remaining 25 per cent due after the handover, said the statement.

As a testament to the project’s excellent investment appeal, the developer earlier announced the sell out of six towers, with 70 per cent of the remaining three towers already sold and high expectations of selling out the entire project in the next few months.-TradeArabia News Service