Dubai’s Damac Properties awards contract for Zada project

Dubai’s real estate developer Damac Properties has awarded the contract to commence construction on the Zada project to Trans Emirates Contracting.

The Dhs181m contract entails the construction of Zada, a 26-storey building located in Dubai’s Business Bay neighbourhood.

The Zada community units are priced at Dhs699,999 with a 4 per cent Dubai Land Department (DLD) waiver and four-year payment plan.

At the time of the launch, Niall McLoughlin, senior vice president, said: “We have a strong business model and infrastructure that enables Damac to grow, develop, and advance, despite any challenges we may face. The new contract with Trans Emirates Contracting confirms the extent of our focus on cooperating with only the best contractors to develop our projects while adhering to the highest quality standards, and our Zada project is a reaffirmation of our success in the luxury real estate development sector.”

Located within a master-planned community in Business Bay, Zada offers amenities such as a swimming pool, a children’s playground and a fitness centre, as well as close proximity to entertainment destinations in the city.

The UAE real estate market has started to see return of normality since the onset of the pandemic, according to a survey by the global real estate advisory firm Colliers International.

According to the Dubai Land Department, August 2020 saw an 11.3 per cent increase in sales compared to last August, recording Dhs4.72bn in sales.

Damac Properties reported a net loss of Dhs36.9m for 2019, marking a notable decline of 103 per cent from a net profit of Dhs1.15bn in 2018.

Read: Dubai’s Damac Properties posts net loss for 2019