MEMON Investments has awarded OST Constructional Projects a Dh65 million ($17.69 million) construction contract for its Frankfurt Sports Tower I (FST I) in Dubai Sports City.

Present at the signing ceremony were Rizwan Shaikhani, joint managing director, Memon Investments, Mahmoud Al Kayem, managing director, OST Constructional Projects and Abdul Hamid Mohammed Ali Mhoma, managing director, Al Hatmy Design & Engineering Consultancy.
The Dh339-million ($92.29 million) themed residential development is scheduled for completion by the fourth quarter of 2011. 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 sub-contractors for the project.
FST I is a 14-storey (plus basement and ground floor) building designed by Al Hatmy Design & Engineering Consultancy and will comprise 224 units, including 140 studios, 56 one-bedroom and 28 two-bedroom apartments with a total built-up area of 264,460 sq ft.
“Efforts to set the bar of quality above everyone else will only be successful if you have the capacity, the financial backing and the people who are up to the task, and we are certain that this recent partnership will help us set a new standard for themed apartments in Dubai,” said Shaikhani.
The project will provide tenants with 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, a concierge desk; a rooftop health club comprising of communal swimming pool, gymnasium, spa, steam and sauna, Jacuzzi, party hall, outdoor terrace and a rooftop juice bar.
“We are very pleased to have been chosen 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,” said Al Kayem.