Insider’s look at leading regional developer’s first quarter of 2019
- DAMAC Properties has awarded contracts worth AED 430M in the first quarter of 2019
- Contracts fuel the completion of key projects in the UAE
- Over 50% of all contracts were awarded for master community developments
DAMAC Properties announced the awarding of multiple contracts worth AED 430 million, as it moves ahead with key UAE projects. The contracts, awarded in the first quarter of 2019, range from large construction works at DAMAC’s second master community, to final touch-ups for developments that are near completion in the UAE.
DAMAC awarded 41% of contracts for works at their master development AKOYA, while 16% of contracts were awarded for DAMAC Hills. Consecutively, 4% was awarded for the final works on Ghalia Tower, the first Sharia-compliant luxury furnished apartments, 12% for the completion of DAMAC Towers by Paramount Hotels and Resorts, and 21% more for other projects. Additionally, the developer has signed 6% contracts, which cover feasibility studies on perspective projects and opportunities.
Linking DAMAC’s ambition to a positive outlook for Dubai, Ali Sajwani, General Manager of Operations at DAMAC Properties said, “There is a renewed sense of positivity in the UAE’s Economy, spurred by dynamic government initiatives to diversify growth. These contracts are a sign that DAMAC is on board, as we continue to focus our efforts on timely handovers.”
On the developer’s growth, Sajwani added, “For global citizens, Dubai is not just a place to grow professionally, but also an ideal destination to raise a family. As a perceptive real estate developer that evolves in tandem with its vibrant home city, we have amplified our focus on building holistic communities which attract a sizeable portion of Dubai’s diverse cultural and economic demographic; hence, over 50% of these contracts were awarded towards our master community projects, with 97% of contracts awarded within the UAE.”
2018 was a busy year for DAMAC as it delivered 4,100 units, the highest number of units completed by the company within a calendar year. This year will see a slew of handovers including Ghalia Tower, which is expected to be handed over in the next 60 days. Specific clusters of AKOYA will also be delivered in Q2 2019, whereas Q3 will see the final unveiling of DAMAC Towers by Paramount Hotels and Resorts Dubai, which started welcoming residents in 2018. AYKON City, one of DAMAC’s largest master developments in the heart of Dubai, is rapidly rising above ground and is expected to be ready by 2021, with 15 floors of Tower B already completed.