The Middle Eastern subsidiary of Australian construction giant Leighton Holdings has bagged an AED1.45 billion ($A423 million) contract to build three massive new towers in Dubai.
On Wednesday, Leighton announced its Middle Eastern subsidiary Habtoor Leighton Group (HLG) had been awarded the contract for construction the Al Habtoor Residential Towers (mixed use) project by Al Habtoor Group adjacent to the proposed Business Bay creek extension (Dubai Water Canal) including two 75 storey towers, a third 52 storey tower and a seven storey podium including the basement, ground floor and five floors of retail and parking.
Set next to the site where HLG is building the Middle East’s largest integrated resort (scheduled for completion in 2016), the new development is part of the $US3 billion Al Habtoor City development. In addition to the three residential blocks, the project also features three Starwood Hotels, a tennis academy, a clubhouse and a French-style landscaped lagoon on the banks of the canal.
HLG CEO and managing director José Antonio López-Monis welcomed the new contract, saying the market for building throughout Dubai offered exciting opportunities in light of the recent announcement that the city would hold World Expo 2020 and the new towers would be one of the city’s most recognisable developments.
“We have an optimistic view on the Dubai construction market and anticipate a significant increase in building and infrastructure opportunities over the next few years,” he said.
The awarding of the contract comes amid ongoing turmoil within the HLG business, with the group being forced to rebut claims within the Australian media about a ‘financial black hole’ in its accounts with regard to its ability to reclaim $A1.1 billion in amounts owed for work previously carried out.
Work on the new project is expected to commence as soon as enabling works wind up, with completion expected 32 months later.