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Sun 26 Jun 2016 01:09 PM

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Damac Properties awards contracts worth $816m in first half of 2016

25 construction and consultancy contracts include the main packages for more than 2,678 villas within its luxury lifestyle community Akoya Oxygen

Damac Properties awards contracts worth $816m in first half of 2016

Damac Properties has awarded 25 construction and consultancy contracts worth $816 million (AED 3 billion) in the first half of 2016.

The $4bn listed developer said the contracts awarded include the main packages for more than 2,678 villas within its luxury lifestyle community Akoya Oxygen, as well as the main package for golf apartment buildings at Carson – The Drive at Akoya by Damac.

“In Akoya Oxygen, the total number of villas now awarded exceeds 2,670,” said Ziad El Chaar, managing director, Damac Properties said.

“The golf course design is completed and we are making progress in the selection of the golf course main contractor. The designs of several clusters are completed, several main contractors were appointed and work started in many areas on site. In Akoya by Damac, the golf course is completed and the handover of approximately 766 villas is imminent."

As of March 31 this year, Damac Properties has delivered over 15,800 homes, including approximately 2,000 hotel units.

The company has a development portfolio of over 44,000 units at various stages of progress and planning, comprising more than 13,000 hotel rooms, serviced apartments and hotel villas, which will be managed by its hospitality arm, Damac Hotels & Resorts.

“The drive to deliver luxury living lies at the core of
DAMAC Properties’ mission. This is a very exciting time to be part of the Dubai
real estate market resurgence as we look forward to working with top-notch
contractors and consultants to ensure the delivery of our projects," El Chaar added.

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