Damac Properties announced today it will award construction contracts worth US $544 million (AED2 billion) this year and deliver an extra 7100 units by the end of 2010.
The company is embarking on an aggressive delivery plan over the next two years, despite Dubai’s cash-strapped real estate sector and falling property prices.
"To succeed in these times of market uncertainty, it is important to demonstrate commitment to customers and maintain their confidence,” said Damac Properties CEO Peter Riddoch.
“Completion of projects and delivery is a key industry concern and our aim is to reassure our customers about their investments and deliver their purchase to them as planned.”
Damac Holding chairman Hussain Sajwani was confident the company’s aggressive tactics would pay off.
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“By the end of this year we plan to award AED 2 billion worth of contracts for the construction of ten new projects. We will maintain this momentum and emerge as a market leader in the region.”
Yesterday, the firm issued a new tender for a main contractor to build 76 villas in its New Cairo's project in Egypt, called Hyde Park.
Eight local contracting companies have so far submitted bids for the 4.7 million m2 residential project, which was launched in December 2007.
“We have set early May as the deadline for receiving tenders,” said Alaa Ayoub, president of Damac Holding Egypt. “The successful tender bid will be announced by end of May and the successful company will commence immediately after''.
The properties were designed by Bassenian Lagoni Architects on the theme Italian-Country, California-Spanish and Neo-classical.
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FEATURED COMMENT
If damac has 10 projects, atleast 6 projects would be under arbitration. Revealing such news may attract more people to