Abu Dhabi – Mubasher: Damac Properties on Thursday announced awarding several development contracts valued at AED 430 million ($117 million) for the completion of major projects in the UAE during the first quarter of 2019.
The UAE’s real estate developer granted 41% of contracts for works at its key developmental project Akoya, whereas 16% of deals were awarded for DAMAC Hills, according to a statement.
Moreover, 4% of agreements were awarded for the final works on Ghalia Tower, the first sharia-compliant luxury furnished apartments, while DAMAC Towers by Paramount Hotels and Resorts received 12% of contracts and other projects made up 21% of deals.
Damac Properties has inked 6% deals which cover feasibility studies on future projects and opportunities.
The real estate developer has “amplified [its] focus on building holistic communities which attract a sizeable portion of Dubai’s diverse cultural and economic demographic; hence, over 50% of these contracts were awarded towards [Damac’s] master community projects, with 97% of contracts awarded within the UAE,” general manager of operations at Damac Properties, Ali Sajwani, said.
In 2018, Damac handed over 4,100 units, the largest number of units delivered by the company in a year.
Several projects are expected to be delivered in 2019 including Ghalia Tower in the coming 60 days and certain clusters of Akoya in Q2-19, in addition to the final revealing of Damac Towers by Paramount Hotels and Resorts Dubai in Q3-19.
Moreover, Aykon City, located in the heart of Dubai, is forecast to be delivered by 2021 as 15 floors of Tower B have been completed.
