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Damac says $326m contracts awarded to date in 2015

Dubai developer says five major construction contracts have been awarded so far in 2015

Damac's Akoya Oxygen project will feature luxury villas like this one.
Damac's Akoya Oxygen project will feature luxury villas like this one.

Dubai-based developer Damac properties says it has awarded Dubai-based luxury real estate developer Damac Properties said on Tuesday it has awarded five major construction contracts worth a total of AED1.2 billion ($326.6 million) so far in 2015.

Five contractors have been hired for additional work on its Akoya by Damac and Akoya Oxygen projects in addition to main works packages on three of its serviced hotel apartments projects - Privé by Damac, Celestia and Vantage.

All of the contracts have been awarded within the last month, the developer said.

“Over the past year there has been significant investment from buyers all over the world in our luxury living concepts – particularly our serviced hotel apartment units and both of our stunning golf communities,” said Niall McLoughlin, senior vice president, Damac Properties.

“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 to deliver high quality living experiences in good time.”

Damac Properties has awarded Ghantoot the construction contract for the first 981 villas at its new 511 hectare master development, Akoya Oxygen, while Seidco has won the main contract to build Privé by Damac, a two-tower serviced hotel apartments project overlooking the canal in the Business Bay area of Dubai.

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

DAMAC STORY ARCHIVE HERE

A rendering of the clubhouse at the Akoya development's golf course

Damac added in a statement that Civilco will be the main contractor of Celestia, a luxury hotel apartment’s development at the heart of Expo 2020 and Al Maktoum International Airport and Reem Capital will build DAMAC Properties luxury 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,” said McLoughlin.

As of December 31 2014, Damac Properties said it has delivered almost 13,000 homes and has a development portfolio of over 38,000 units at various stages of progress and planning. Included are more than 10,000 hotel rooms and serviced hotel apartments under development, which will be managed by its hospitality arm, Damac Hotels and Resorts.

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