Damac awards $762m contracts between Jan-May 2015
The contracts include 1,500 villas at Akoya Oxygen, and deals for construction of three hotel apartment towers
Real estate developer Damac Properties has awarded $762m (AED2.8bn) in construction contracts during the first five months of 2015, the company announced on Tuesday (9 June, 2015).
Awards include the main works packages on more than 1,500 villas within its luxury lifestyle community, Akoya Oxygen; three new apartment blocks at Akoya by Damac; and main contracts for three of its hotel apartment projects: Damac Maison Privé, Naia Vantage and Naia Celestia.
Ghantoot Gulf Contracting has been awarded the package to build 981 villas at Akoya Oxygens. Seidco General Contracting has been awarded the contract to build three G+7 complexes at Akoya by Damac, with Pivot Engineering receiving a main works package for the 239 villas in Akoya Park.
“This is the second project on which we are cooperating with Damac Properties," Ali Mohamed Sadek Al Baloshi, chairman of Ghantoot Group said.
"This demonstrates the size of the partnership between the two companies."
Civilco Civil Engineering & Contracting Co. has been awarded the main package to build Naia Celestia in the Dubai World Central District. Damac Maison Privé will be built by Seidco General Contracting and a contract for Naia Vantage has been awarded to Reem Capital Contracting.
“These awards go a long way to showing our confidence in the Dubai real estate market, and they will ensure a strong pipeline of deliveries,” said Mohammed Tahaineh, senior vice president of commercial at Damac said.
In addition to the main work packages awarded, Damac Properties has also awarded contracts for construction of the clubhouse at the Trump International Golf Club, Dubai, in the Akoya master development in Dubailand.
Seidco General Contracting has commenced work on-site. Jazeera Emirates Power has also started work on a second sub-station at the 4m m2 lifestyle community.
As of March 31, 2015, Damac had delivered 14,000 homes, and boasted a development portfolio of 37,000 units at various stages of progress and planning.