UAE developer Manazel says it will still open the two office towers costing AED1.1bn ($300m) at its Building Materials City development in the first half of 2010 even though it has terminated the contract to build the towers.
Manazel is retendering both the AED1.1bn contract to build the office towers and the larger AED3.7bn deal to build six residential towers in the development.
The real estate developer terminated both contracts at the beginning of November. Local contractor Fibrex won both jobs in late 2008.
Fibrex was building a shopping mall with a built-up area of over 260,000 square metres and two 20-storey office towers.
“We look forward to the delivery of these projects in the first half of next year,” says Manazel in a statement.
The statement does not refer to Manazel’s plan to retender both contracts.
Manazel also declined to say when the six residential towers will open.
The Building Materials City development is in Mohammed bin Zayed City, Abu Dhabi.
The real estate developer did say Fibrex is still working on the AED2.5bn contract to build its Reef Villas development near Abu Dhabi International airport.
“Manazel is continuing its relationship and strategic partnership with Fibrex, which will be delivering the first package of the Manazel flagship project, Reef Villas, shortly,” according to the statement.