Business Bay deals worth US $4.9mn

Dubai-based developer Damac Properties has awarded two enabling works contracts worth a combined US $4.9 million (AED18 million) to Sharaf Foundations and International Foundations Group.

Sharaf Foundations has landed a contract for preparatory work on The Corner project.
Sharaf Foundations has landed a contract for preparatory work on The Corner project.

Dubai-based developer Damac Properties has awarded two enabling works contracts worth a combined US $4.9 million (AED18 million) to Sharaf Foundations and International Foundations Group.

Sharaf Foundations will carry out preparatory work on The Corner project while International Foundations will do the same on the Water's Edge development, both of which are located in Business Bay.

The Corner contract is scheduled for completion in four months, with the Water's Edge to finish in six months.

Both developments are commercial properties, with plans to include office and retail space and recreational facilities. The Corner will reach 19 storeys, and the water's Edge 20 storeys.

Developer Damac is hoping to bypass recent issues that have befallen property developers in the region.

Costs have risen, partly due to spiralling demand for materials.

Damac Properties CEO Peter Riddoch said: "We are taking action to ensure that we overcome challenges like shortage of contractors and the increasing cost of construction."

"This appointment takes us a step further towards completion of these projects.

Damac is working on 11 developments in Business Bay.

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