Construction

Dubai’s Damac Properties awards $760m contracts so far in 2015

Contracts awarded by the developer in first five months of year include construction of three hotel-apartment towers

PHOTO: Mohammed Tahaineh, senior vice president of commercial at Damac Properties. Credit: Damac

Dubai’s Damac Properties says the value of contracts it has awarded so far this year has exceeded $760m, despite a slowdown in the emirate’s property market.

Work awarded by the Dubai Financial Market-listed developer include construction of more than 1,500 villas at Akoya Oxygen, three apartment blocks, and three hotel-apartment projects.

“Ghantoot Gulf Contracting has been awarded the package to build 981 villas at Akoya Oxygen, while Lootah Building & Co. will start work on building the 547 villas,” the developer said.

“Seidco General Contracting LLC has been awarded the contract to build three G+7 complexes at Akoya by DAMAC, with Pivot Engineering receiving a main works package for the 239 villas in Akoya Park.”

“Civilco Civil Engineering & Contracting Co. LLC has been awarded the main package to build Naia Celestia in the Dubai World Central District, Damac Maison Privé will be built by Seidco General Contracting LLC and Naia Vantage has been awarded to Reem Capital Contracting LLC.”

Mohammed Tahaineh, senior vice president of commercial at Damac, said the awards “go a long way to showing our confidence in the Dubai real estate market and they will ensure a strong pipeline of deliveries.”

Dubai property prices sales are however on the decline, having rallied in the wake of the financial downturn.

Property data company Reidin said in May that apartment prices dipped 0.8% in April compared with March, and were down 3.6% from a year ago. Month-on-month villa prices fell 1.8%.

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