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Wed 25 Nov 2009 07:17 AM

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Damac awards contract for Cairo retail, office project

DETAC chosen to build development to include 723 shops and 454 office spaces.

Dubai developer Damac Properties has announced that Dar for Trading & Construction (DETAC) has been awarded the construction contract for its major retail and office project in Egypt.

Park Avenue, Cairo consists of 723 retail units and 454 office spaces, as well as parking which will serve a total of 3,000 cars and Damac expects the project to be delivered by DETAX in 18 months.

"DAMAC is looking forward to this collaboration, DETAC is one of the best in its field and DAMAC is sure it will exceed our expectation," said Alaa Ayoub, CEO of Damac Properties in a statement.

The company said the architecture of the project will create "a unique landmark" for the area with a blend of classic and oriental facades rich in decorative details, wood work and accentuated with sloped tile roofs.

Mohamed Salama, DETAC chairman, added: "The DETAC team is excited about being awarded the tender after such long competition. Damac is a great brand to add to our client's list."

Last week, Damac said it will award a new main construction contract next month for its luxury Hyde Park project in Egypt.

Nine companies are vying for the tender to build 88 buildings and 320 villas for the Cairo development, the company said.

The developer added that construction work would start once the contract was awarded in mid-December with the first units set to be delivered by Damac by the end of 2011.

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