Omniyat Properties has awarded China State Construction Engineering Corporation (CSCEC) the contract of its Dh345 million ($92 million) “Bayswater”.

Construction on the 25-storey commercial tower, which will rise on a prime waterfront location in Dubai’s Business Bay district, has now entered its second phase with the completion of enablement work by the Al Dhafra Piling Contracting Company (APCC).

Currently, 25 per cent of the main construction and 33 per cent of the overall development have been completed, with the slab reaching the ground floor.

“Work is progressing as planned and we are now entering into the second phase, which will allow us to complete all work by the third quarter of 2008, as Omniyat Properties ensures timely delivery to a very high standard. CSCEC is one of the world’s largest and most successful international contractors; they have worked on many landmark properties around the globe receiving various awards for record-time delivery of projects that adhere to the most stringent quality standards,” said Omniyat Properties president and CEO Mehdi Amjad.

The announcement of the contract comes hard on the heels of the developer confirming that the first phase construction work on its freehold commercial tower was concluded.

CSCEC managing director Yu Tao said the company is very excited to be part of such an innovative and unique project and proud to be affiliated with a forward thinking developer such as Omniyat Properties, which is developing some of the region’s most technologically-advanced and exciting properties that any contractor will be pleased to be part of.

Designed by leading Dubai-based architects Dubarch, its unique shape is an optical illusion that makes it appear to consist of two slim towers side by side, forming the shape of the letter X. The project is targeted at a market segment comprising predominantly medium sized companies that want competitively priced Grade-A office space.

The futuristic tower will feature Omniyat Properties hi-tech features as well as multiple access points and one of the highest ratios of parking to office space, with 825 parking bays spread over two basement and four podium floors.

The building will have two penthouse office floors, one podium with terrace and a limited number of waterfront loft-style offices.

Since its inception, 18 months ago, Omniyat Properties has successfully launched five commercial towers and two residential projects with a value of over Dh4.9 billion. Building on its momentum, this figure is set to rise to Dh10 billion by the end of 2007, making the company one of the region’s fastest growing property developers. TradeArabia News Service