Dubai’s Damac Awards Contracts Worth Dhs1.2bn In 2015

Dubai-based real estate firm Damac announced that it has awarded five major construction contracts worth Dhs1.2 billion this year.

The developer said that it appointed five contractors for extra work on its mega projects Akoya by Damac and Akoya Oxygen along with three of its serviced hotel apartment projects.

The company added that all deals were awarded in January.

Damac awarded UAE-based firm Ghantoot the contract to build 981 villas at its new Akoya Oxygen development while Seidco won the deal to build Prive, a two-tower serviced hotel apartment in Dubai’s Business Bay area.

The company was also awarded the contract to build a clubhouse that will serve the Trump International Golf Club in Akoya Damac, a statement said.

Meanwhile Civilco will be the main contractor of luxury hotel apartment Celestia while Reem Capital is building Vantage, another hotel apartment project in Jumeriah Village.

“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 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.

“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 developments.”

Damac, which was badly hit during the 2008 real estate crash, has rebounded strongly in line with the growth of the local market.

The dual-listed company reported a profit of $937 million last year, up 11 per cent from $641.5 million in 2013.

Damac also booked sales worth $3.1 billion in 2014, up from $2.5 billion in 2013. It delivered 3,553 units last year.