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Dubai's Danube awards $40m Jewelz construction contract

Dubai-based civil contractor Cast Construction will undertake the main works on the $81.7m project in Dubai's Arjan

Jewelz was launched by Danube Properties in March 2018.
Jewelz was launched by Danube Properties in March 2018.

Danube Properties has awarded a $40.7m (AED149.5m) construction contract to Dubai-based civil contractor Cast Contractor for the developer’s Jewelz residential development in Arjan.

According to a statement by the developer, Cast will undertake main construction works for the $81.7m (AED300m) project, which will eventually offer 463 residential units – ranging from studio, one, and two-bedroom apartments.

Launched in March 2018 and scheduled for delivery in Q1 2020, Jewelz is located on a plot adjacent to the park with a private entrance leading to the property.

Danube said the building’s design and architectural aesthetic was created to “reinforce the design strategy of Danube, which helps maximise the living space while delivering convenience of community living”.

READ: Dubai’s Danube Properties reports $233m 2017 sales revenue

Amenities include a fully equipped health club, swimming pool, steam and sauna room, multi-purpose hall, jogging track, barbecue deck, badminton court, paddle tennis court, and a high-tech surveillance system.

Speaking on the news, Rizwan Sajan, founder and chairman of Danube Group, said: “Through our successful property launch and construction delivery we want to reinforce the belief in the real estate industry of Dubai, which remains one of the most lucrative real estate investment opportunities worldwide.

READ: Dubai's Danube to start construction of $81m Jewelz this year

“The awarding of the main construction contract within seven months of the launch of the project reflects our strong commitment to our customers,” he added. “Following the commercial launch of properties and subsequent sell-out, Danube usually starts tendering for the construction of the project, before launching the next project.”

Danube Properties’ currently has a development portfolio of 3,680 units, with a combined value in excess of $854.8m (AED3.14 billion). It is delivering about 830 units in 2017-18, with a combined sales value of $272.2m (AED1bn) – or a third of its portfolio value.

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Construction Week - Issue 747
Aug 03, 2019