This particular case focuses on our work as Cost Monitor for City Tower Office building. City Tower is a new office and retail centre, developed at Sofia’s downtown business district, at Macedonia Square. This is a 20 storey tower building, with an 8 storey building connected together, offering flexible open – space office design. The retail area is at the ground floor. There are 6 underground parking levels.
Our Client is the financing institution, providing a considerable loan for completing the building.
Part of our scope was to monitor the purposeful utilization of all loan proceeds and execution of all construction works as envisaged in the contract with general contractor. Through regular status reporting that we have provided, the Bank have up – to – date information on the certification of completed construction works and the actual works progress against baseline. During the course of the project, we have helped the Bank to be aware of any budget and timeline amendments and any material changes of the project documentation.
Through our work on the project, we have secured –
Prompt responds to any queries to enable the successful processing of monthly payment certificates and timely disbursal of funds.
Preventing risk in financing.
On site regular controls.
Project and cost management monitoring.
Review of contracts.
Understanding of client’s needs.
Through our role we have helped strengthen the capacity of the Bank to evaluate and monitor projects, by applying best practices and technical judgement for the building industry in Bulgaria.