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Damac awards 5 contracts worth Dh1.2 billion

Damac Properties has awarded five major construction contracts worth a total of Dh1.2 billion so far in 2015. (Supplied)

By Staff

Damac Properties has awarded five major construction contracts worth a total of Dh1.2 billion so far in 2015, it said in a press statement on Tuesday.

Damac has appointed five contractors for additional work on Akoya by Damac and Akoya Oxygen master developments  in addition to main works packages on three of its serviced hotel apartment’s projects, Privé by Damac, Celestia and Vantage.

All the contracts were awarded in the last month.
A study conducted by Ventures ME and commissioned by DMG events said new construction contracts worth $103 billion (Dh378 billion) are expected to be awarded this year in the GCC as compared to $85 billion (Dh312 billion) in the previous year, an increase of over 21 per cent.

Niall McLoughlin, senior vice-president, Damac Properties, said the firm has seen global buyers make ‘significant investment’ over the last year in its serviced hotel apartments and golf communities.

“We have a strong belief in Dubai’s fundamentals and by making such a high level of investment in these construction contracts, we are demonstrating our commitment to owners,” he added.

Damac Properties has awarded Ghantoot the construction contract for the first 981 villas at its new 55 million sq ft master development, Akoya Oxygen, while Seidco has won the main contract to build Privé by Damac, a two-tower serviced hotel apartment's project overlooking the canal in the Business Bay area of Dubai.

The company has also been awarded the building of the clubhouse which will serve the Trump International Golf Club, Dubai at Akoya by Damac.

Civilco will be the main contractor of Celestia, a hotel apartment's development at the heart of Expo 2020 and Al Maktoum International Airport and Reem Capital will build Damac Properties hotel apartment's project, Vantage, in Jumeirah Village.

“We aim to continue delivering units over the next few years, adding to the 13,000 we have already handed over, as we continue to shape the Dubai skyline with iconic and luxurious developments,” McLoughlin said.

As of December 31, 2014, Damac Properties has delivered almost 13,000 homes and has a development portfolio of over 38,000 units, including more than 10,000 hotel rooms and serviced hotel apartments, which will be managed by its hospitality arm, Damac Hotels & Resorts.