Memon Investments, a leading Dubai-based property developer, said it has awarded a Dh65 million ($17.7 million) contract to OST Constructional Projects for construction of its ‘Frankfurt Sports Tower I’ (FST I) project in Dubai Sports City.

‘FST I’ is designed by Al Hatmy Design & Engineering Consultancy, and will comprise 224 units, including 140 studios, 56 one-bedrooms and 28 two-bedroom apartments within a total built-up area of 264,460 sq. ft.

The Dh339 million residential development is expected to be completed by the fourth quarter of 2011, said a top company official.

Rizwan Shaikhani, joint managing director, Memon Investments; Mahmoud Al Kayem, managing director, OST Constructional Projects and Abdul Hamid Mohd Ali Mhoma, managing director, Al Hatmy Design & Engineering Consultancy attended the signing ceremony.

With the shoring and excavation phase already finished, the contractor has started preparing for the actual construction works, and is currently in the process of selecting and appointing competent sub-contractors to collaborate with for the project.

“We are excited to commence the construction works on ‘Frankfurt Sports Tower I’ and to work with our new partner OST Constructional Projects, whom we have identified as an experienced and valuable partner for a large-scale project such as this,” said Shaikhani.

Taking inspiration from German architecture, the project will provide tenants with majestic views of the golf course, parks and gardens within the gated community, and feature one level of basement parking and covered parking on the ground floor.

It will also boast of a concierge desk; roof top health club comprising communal swimming pool, gymnasium, spa, steam and sauna, Jacuzzi, party hall, outdoor terrace and a rooftop juice bar, he added.

In addition, the twoer (a B+G+14 floors building) will also have state-of-the-art amenities such as three high-speed elevators, 24-hour manned security and in-house maintenance team, hi-speed internet connection and top-of-the-line surveillance and intercom system.

“We are very pleased to have been chosen by Memon Investments to undertake this enormous and challenging task, and we are raring to see this project in full swing and finally be completed within the set deadline,' Al Akyem noted.

'Through the active support of most of the reputable subcontractors and suppliers whom we will be partnering with for this project, we are fully dedicated towards the timely completion of this project and its rise as one of the most well-built residential developments in Dubai,' he added.-TradeArabia News Service