TAV wins $272mn DAMAC hotel contract
Four tower luxury hotel complex will be built near Burj Khalifa
RELATED ARTICLES: TAV wins $400mn terminal contract in Saudi Arabia | TAV invests $65mn for Tbilsi runway | TAV Airports registers $60.7mn net profit in H1 2012 The Dubai branch of Turkey’s TAV Construction has been awarded a $272.3 million contract to build a luxury hotel complex near the Burj Khalifa. The deal between the private UAE developer, DAMAC Properties, and TAV – Tepe Afken Investment Construction and Operations – has described as the largest single contract ever awarded by the property developer. Situated in the Burj area, the ‘DAMAC Towers by Paramount’ will consist of four towers, each standing at over 250 metres and are expected to feature 540 hotel rooms and over 1,400 service apartments, the report added. A recent trend has shown developers in Dubai are reviving stalled projects and announcing new ones as the emirate’s property market recovers after prices tumbled by 50 percent in 2008, and DAMAC has announced a series of projects over the last few months including a new golf course along with American real-estate mogul Donald Trump.
