Almasah International Real Estate, a Dubai-based company, announced the appointment of five separate contracting companies to start foundation and piling work on 10 of its projects.
Italian Foundation Company, Pliex Foundation, Zetas, Dutch Foundation and International Foundation will share the contracts totalling Dh86.7 million.
Almasah Chairman, Dr Abou Taleb Talebi, said: "Our main objective is to move ahead with our projects. We have rescheduled payment plans on these projects for our clients' benefit, helping them during these times of crisis and working alongside them for the benefit of all. To this end, we have created a specialised unit that serves our customers and have been very flexible, helping them in any way possible."
He said current market prices for building materials and the ready availability of a labour force are positive benefits of the current UAE economy, which ensure Almasah's projects will move ahead.
"We have 30 projects in total and we are committed to completing and delivering every single one of them," Talebi said.
Seven of the projects (Cadi 3, Cadi 5, Jouri 5, Jouri 6, Orchid Residence, Judi Palace and Soraya Tower) are located in Jumeirah Village. The rest (KPM Tower, My Tower and Dolce Vita) are located in Dubai Marina. All 10 are residential buildings and will comprise 2,622 units.
The foundation work will be completed during the second half of this year, by which time Almasah will have appointed contractors to start construction on the main structures.
Foundation work for Cadi 3 and Cadi 5 will be done by Italian Foundation Company; work for Jouri 5, Jouri 6 and Orchid Residence by Pilex Foundation; work for My Tower, Judi Palace and Soraya Tower by International Foundation; Zetas will do the foundation work for KPM; and the foundation work for Dolce Vita will by handled by Dutch Foundation.
The completion date for the Jumeirah Village projects is in the third quarter of 2010 while the projects in Dubai Marina will be delivered during the first quarter of 2011.