This follows the recent awarding of an Dh12 million shoring and excavation contract to Piling Tech for the initial groundwork for Towers B10, B14 & B15 – three towers out of the nine buildings in the Rainbow Towers development.
The developer also announced earlier that six towers had achieved a sold out status, with 70 per cent of the remaining three towers already sold and high expectations of selling out the entire project before its completion in 2010.
With the soil investigation at the site already completed, the piling contractor has started the excavation, drilling, shoring and foundation works, and has announced a target of three months to finish the entire project.
In addition to the shoring and excavation contract, the developer has also awarded the design and supervision consultancy of the project to Engineer Adnan Saffarini Office, a well-known and leading engineering consultancy firm, which is expected to ensure the world-class quality of the themed residential development.
Located along the Emirates Road, Rainbow Towers in Emirates City will comprise of nine luxurious 31-storey residential buildings fully equipped with high-speed elevators, fitness club, recreational area and a rooftop swimming pool.
The developer is offering a flexible four-year self-financed payment scheme, which breaks down the payment schedule to 50 per cent of the value upon the project’s completion, 25 per cent upon delivery and the remaining 25 per cent after the handover.
With a current project portfolio valued at Dh3.5bn, Sweet Homes has also announced its plan to invest Dh2bn in real estate developments across the Middle East this year.
Sweet Homes is looking into penetrating other emirates by launching new developments in Dubai and Abu Dhabi.
Sweet Homes begins first phase of Rainbow Towers