Kareem Derbas, Chief Executive Officer, Cayan Real Estate Investment & DevelopmentSituated on Dubai Marina, between the new Marina Mall and Al-Majara community, the Silverene Towers combine the benefits of waterfront living, with exceptional interior treatment to offer unmatched living in Dubai. The towers offer the best of everything from floor to ceiling windows to maximise the million dollar views, cutting-edge interior design, and fully equipped designer kitchens. This marvel of architecture also combines luxury with affordability and is currently regarded by many to be the most desirable residential project in the city. Kareem Derbas, Chief Executive Officer, Cayan Real Estate Investment & Development shares his experience on the spectacular Silverene Towers Project and his company's plans for the future with CW...Tell us something about your experience on the Silverene Towers Project?The Silverene Towers project initially comprised two separate plots; however during the design stage, these two plots were amalgamated, combining both the buildings and linking them with a common podium. This design helped us to analyse the overall traffic flow around the buildings and also the economy of plant and services, besides reducing the total connected load required for the buildings. It also created a more homogenous retail center between the two towers that will be hugely beneficial for its residents.What is the current status of the project? When is it likely to complete?The project is complete having received the Dubai Municipality Certificate of Completion in August 2011 and the handover process will commence within the next few weeks.Who were the major partners in the project? What was the nature of the partnership?The project is 100 per cent owned and developed by Cayan.What is the total size of the project?The project comprises two towers of G+34 and G+25 floors. These towers are linked by a common podium having a total built up area size of 1.10 million sq ft.What were the major challenges faced during the execution of the project?The project was tendered when the prices of construction were very high.Therefore, a lot of negotiation, sharing of risk and an acceptable compromise between Cayan and the main contractor was required to bring the project within budget. The demanding economic environment due to the global financial crisis affected the procurement of materials and services, cash flow, payment cycles and also sales of apartments. Secondly, construction in a built-up environment meant 24 hours work and noise. These had to be regularly monitored. The difficulty to forecast timely collections of customer installments also presented a challenging liquidity scenario which required the management team to micro-manage the project's cash inflows and outflows.What were the major materials used in the project? Where were these materials sourced from?We selected warm interiors for the project as a contrast to the more modern, crystal-like palette of its exteriors. The materials for the exteriors included glass and powder coated aluminum; while those for the interiors included marble, ceramics, modern kitchens with stainless steel, kitchen appliances, etc. These materials were sourced from various countries like Germany, Brazil, Spain, China, as well as from local manufacturers.What were the new and path-breaking technologies used in the project?We have used high performance; low-e glazing in a thermally broken curtain wall system to reduce the cooling load on the building, while maintaining the full height of the windows. Low energy light fittings (fluorescents) have been integrated into design of public areas to reduce maintenance costs. LED fittings are used for facade lighting. Low energy cookers by Zanussi are fitted in the apartments. Post tensioned slab design was selected to speed up the construction and minimize slab thickness and dead loads on columns. High speed elevators (2.5 m/s to 3.5 m/s) and Building Maintenance System (BMS) were employed to monitor and control various aspects of the building, including HVAC, lighting, swimming pool pumps, lifts, etc.How were the finances for the project acquired?The capital required for the project was obtained through private investments by Cayan and, the rest through off plan sales proceeds.What are Cayan's other projects in the pipeline?Our flagship development, the Infinity Tower in Dubai Marina has topped out and will be delivered to our customers in 2012. This project will be a great architectural addition to Dubai's impressive skyline. We are also planning to launch another flagship project in Saudi Arabia, that will be announced by end of this year.What are your plans for the future?We plan to pursue development opportunities in strategic locations in and around MENA region and deliver unique development carrying the Cayan signature.