DAMAC Properties awards $115m contract for AKOYA Oxygen
Developer awards second contract to Arabtec for 916 villas, after $170m contract in August 2017 to build 1,296 villas
DAMAC Properties has announced that it has awarded a construction contract worth $115.4 million to Arabtec, the UAE-based contractor, to build additional villas in AKOYA Oxygen, a residential project in Dubai.
This is the second contract to be awarded to Arabtec over the last 12-months and it will see the contractor build another 916 villas. In August 2017, it was awarded a $170.9 million contract to build 1,296 villas at the same master development. It’s subsidiary, EFECO (Emirates Falcon Electromechanical Co), will carry out the MEP works for the project.
In October 2017, DAMAC awarded further contracts for roads and main works contract for $95.2 million, bringing the total value of contracts awarded for AKOYA Oxygen since August 2017 to $381.1 million.
“DAMAC continues to accelerate construction at AKOYA Oxygen and has awarded a second contract to Arabtec, to continue villa development at our 55-million square-foot green development in Dubailand,” said Mohammed Tahaineh, SVP of Commercial at DAMAC Properties.
“Major construction work is ongoing in almost every part of the master development and you can now see a micro-city forming within the community, as roads and villa clusters continue to fill the area.”
The contract covers development across a number of clusters at AKOYA Oxygen and includes 329 units in Mimosa, 419 units in Basswood and 168 units in Amazonia extension located in Phase 6 of the master development. The three clusters comprise a built-up area of approximately 148,000 square meters, and will take less than two years to complete.
Arabtec Group CEO Hamish Tyrwhitt said: “We are delighted to have been awarded another project by DAMAC Properties. The on-boarding of repeat business from our clients is testament to our strengthened relationships across our core geographies and in our core competencies.”
Other contractors appointed in October 2017 for several other contracts at the AKOYA Oxygen project were Towers Technology Contracting Co, which was chosen to carry out main works for 448 villas, while Nael Construction & Contracting was tasked with building the roads and infrastructure network linking various clusters in phase 6 within the community, and to the main road network around the community.
