Dubai’s Damac awards 25 contracts worth Dhs 3bn in Q1 2016

Dubai developer Damac Properties has awarded 25 construction and consultancy contracts worth Dhs 3bn in the first half of 2016, it announced on Sunday.

Contracts awarded include the main packages for more than 2,678 villas within its Akoya Oxygen project and the main package for Golf apartment buildings at Carson – The Drive at its $6bn Akoya by Damac project.

Damac managing director Ziad El Chaar said: “In Akoya Oxygen, the total number of villas now awarded exceeds 2,670. The Golf course design is completed and we are making progress in the selection of the Golf course main contractor. The designs of several clusters are completed, several main contractors were appointed and work started in many areas on site.”

Located off the Umm Suqeim Road extension, Akoya Oxygen is a 55 million square foot development in Dubailand.

The development will include residential properties of various sizes surrounding an 18-hole championship golf course designed by Tiger Woods, along with an organic produce market, luxury wellness centre, outdoor yoga enclave and retail outlets.

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Also located off the Umm Suqeim Road, the Akoya by Damac project is spread across 42 million square feet and includes residential properties developed with brands such as Fendi Casa and Paramount Hotels & Resorts.

The development also includes an 18-hole golf course within the Trump International Golf Club Dubai, and a dining, shopping and entertainment promenade called The Drive.

“In Akoya by Damac, the Golf course is completed and the handover of approximately 766 villas is imminent,” said El Chaar.

He added: “This is a very exciting time to be part of the Dubai real estate market resurgence as we look forward to working with top-notch contractors and consultants to ensure the delivery of our projects.”

Damac Properties has delivered over 15,800 houses, including approximately 2,000 hotel units as of March 31, 2016.

The company also has a development portfolio of 44,000 units at various stages of progress and planning, including 13,000 hotel rooms, serviced apartments and hotel villas, which will be managed by its hospitality arm, Damac Hotels & Resorts.