Damac awards contracts worth Dhs 2.8bn in five months

Dubai developer Damac has awarded construction contracts worth more than Dhs 2.8bn during the first five months of 2015, the company said in a statement.

Awards include the main works packages on more than 1,500 villas within its luxury development Akoya Oxygen, three new apartment blocks at Akoya by Damac and the main contracts for three of its hotel apartment projects, Damac Maison Privé, Naia Vantage and Naia Celestia.

Ghantoot Gulf Contracting won the package to build 981 villas at Akoya Oxygen, while Lootah Building & Co. was awarded the contract to build 547 villas.

Pivot Engineering won the main works package for the 239 villas in Akoya Park, the company said.

Damac has awarded Seidco General Contracting the contract to build three G+7 complexes at Akoya and one of its hotel apartment projects, Damac Maison Privé.

Meanwhile, Civilco Civil Engineering & Contracting Co. has been awarded the main package to build Naia Celestia in the Dubai World Central District, and the Naia Vantage contract has been awarded to Reem Capital Contracting.

In addition to the main work packages, Damac Properties has also awarded contracts for construction of the clubhouse at the Trump International Golf Club in the Akoya by Damac development in Dubailand.

Seidco General Contracting is already on-site and work is well underway, the developer added.

“These awards are the start of a major building programme we have coming up across the course of the year and there will be many opportunities for high quality contractors in the coming months as we release more tenders on our luxury living portfolio,” said Mohammed Tahaineh, senior vice president – commercial, Damac Properties.

As of March 31 2015, Damac Properties has delivered almost 14,000 homes and has a development portfolio of over 37,000 units at various stages of progress and planning, the company said.

Its portfolio also consists of more than 10,000 hotel rooms and serviced hotel apartments that are currently under development.

Damac, which was badly hit during the 2008 real estate crash, has rebounded strongly in line with the growth of Dubai’s property market.

The dual-listed company raked in a profit of $937m last year, up 11 per cent from $641.5m in 2013.

The property firm, however, reported a 38 per cent fall in first quarter net profit this year despite surging revenues.

Damac later said the first-quarter and the 2014 profit figures were not comparable since the company had acquired its real estate operating interests, named Damac Real Estate Development Ltd, only in the second half of 2014.