Arabtec lands $48.7m Dubai Silicon Oasis deal
Contractor to build third phase of Cedre Villas project
Arabtec Holding has announced that it has secured a $48.7m (AED: 179m) contract to build the third phase of the Cedre Villas project at Dubai Silicon Oasis.
The latest phase of the project will see a further 53,000m2 of land containing a further 160 new two-storey villas being built over a period of 15 months.
Arabtec had already built phases one and two at Cedre Villas, with the second phase completing three years ago. The new additions bring the total number of villas on site to 1,207. Each two-storey property has a built up area of around 3,800 ft2.
Arabtec said that it has built 13,000 villas over the past ten years and is currently in the process of building a further 8,000. It added that the new contract award brings the total in 2013 to date to around $3.5bn (AED: 13bn).
CEO Hasan Abdullah Ismaik said: “We are pleased to partner with Dubai Silicon Oasis Authority once again on the third phase of this key residential project. Repeat business accounts for about 60% of our backlog, further testifying to the trust customers place in the quality of our work and unique expertise in the construction of specialised projects.
"We look forward to delivering this expansion phase of this project as per committed timelines and high standards, further strengthening our collaboration with Dubai Silicon Oasis in creating a new landmark community for Dubai residents.”