NewsTameer reviewing contracts on Tameer Towers
Dubai-based Tameer Holding is currently reviewing the construction contracts for the Dh5.87bn ($1.6bn) Tameer Towers on Al Reem Island, Abu Dhabi.
According to The National, sources close to Tameer said they were planning to cancel the construction contracts with Al Habtoor Engineering, Murray & Roberts and Al Rajhi Contracting. The source also told the company was considering renegotiation of the contracts with the contractors already involved.
Moving ahead
“Tameer is reviewing the construction programmes and associated costs for its iconic Tameer Towers project on Al Reem Island,”
a company official said.
“Tameer confirms that the Tameer Towers project is moving ahead. The enabling works are complete. Residential sub-structure works will commence upon completion of this assessment.”
Lower construction costs
Prices on building materials have declined and property developers have been renegotiating construction contracts to lower the total construction costs. Some developers have made the investors benefit from this by lowering the prices on their properties, even for contracts already signed.
Further Reading
« Dh5bn expansion of Khalifa City approved | Construction contract on Tameer Towers ‘terminated’ »
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