Memon Investments, a leading Dubai-based property developer, has announced that the construction of its Dh80 million ($21.77 million) Cambridge business centre project is on track to meet the scheduled Q4 handover.

Memon Investments, part of the international business conglomerate Memon Group of Companies, said that the construction of the centre, located in Dubai Silicon Oasis, is seeing record pace despite the massive setback being faced by the UAE real estate and construction sectors.

With construction of three of the 10 floors completed, initial steps are already being made in preparation for the scheduled handover of the project to the investors by the fourth quarter of 2009.

The announcement is in line with the developer’s aims to build and deliver existing projects by leveraging its strong financial backing and partnerships with leading construction companies.

As Memon Investments’ first commercial project in the region, the Cambridge business centre is the collaboration of a dedicated team of industry professionals who were tapped to bring in their expertise and ensure that the project will be at par with global standards for luxury commercial developments.

Cairo Contracting Company, which has been awarded the main contract for the business tower, is among the UAE-based companies spearheading the construction progress of the commercial tower.

“We are very proud to announce the exceptional progress we are seeing in the construction of our inaugural commercial tower, especially at a time when many construction projects are being delayed or cancelled as a result of the financial turmoil,” said Rizwan Shaikhani, joint managing director, Memon Investments.

“I believe that it is our strategy - one that involves strategic partnerships with leading construction organisations, as well as our fervent desire to satisfy the requirements of our customers - that is driving our success amidst these trying times.”

Set to feature classic British architecture across its small, medium and large offices, the centre will feature advanced facilities such as Wi-Fi technology, keyless entry and hi-speed internet connection.

Commercial tenants are expected to benefit from the host of services and facilities on offer within the tower, which is set to house retail shops on the ground floor, banking facilities and a travel agency, in addition to amenities for rest and relaxation such as a fully-serviced health club at the rooftop.

The 10-storey tower will offer a total built-up area of 160,000 sq ft upon its completion by the fourth quarter of 2009.

“The Cambridge business centre marks the first commercial project we have launched and the success of this development is essential in our aims to build a strong repute within the UAE real state market,” concluded Shaikhani. – TradeArabia News Service