DAMAC Hills master community advances; Over 50 percent of contracts awarded for its AKOYA Oxygen development
Dubai, United Arab Emirates – 6 September 2017: DAMAC Properties, a leading luxury real estate developer in the region, announced it has awarded more than 370 contracts worth AED 3.5 billion since January 2017. The contracts included construction, supplier and consultancy services across its portfolio of developments.
The bulk of contracts awarded this year have been for DAMAC’s largest master golf community, AKOYA Oxygen, with major construction ongoing across the 55-million square foot development. DAMAC has, for this year alone, entered into contracts worth AED 1.8 billion, appointing highly-reputed partners to deliver the construction works for AKOYA Oxygen.
“DAMAC has awarded more than AED 3.5 billion in contracts so far this year, across more than 20 of its projects which include two golf communities as well as residential and hospitality tower projects across Dubai, Jeddah, Riyadh and our premiere luxury project in London,” said Mohammed Tahaineh, Senior Vice President – Commercial, DAMAC Properties. “The DAMAC Hills community is developing on schedule and is on track for completion. Key contracts are being awarded to accelerate development of the common areas and parks across the 42-million square foot community, and to finalise construction and finishing work for a large number of units set for delivery soon.”
DAMAC has delivered almost 1,100 units in its flagship community DAMAC Hills, bringing the number of villas and apartments delivered there to over 3,100 units. It also launched the Trump International Golf Club Dubai in February, and continues to deliver its golf facing apartments, hotel rooms, hotel apartments and serviced units there. Since January 2017, DAMAC has awarded contracts valued at AED 127 million, which included works for a host of services for various clusters of villas and landscaping fit-outs for villas being completed for handover in the community.
Some of the major partners appointed by DAMAC Properties include industry leaders Arabtec Construction, China State Construction Engineering, Ghantoot Gulf Contracting, Towers Technology Contracting Co LLC, Mohammed Abdulmohsin AI-Kharafi & Sons LLC, (CRC) Engineering Construction & Reconstruction Co LLC, KEO International Consultants and Simplex Infrastructure Limited (Dubai branch).
During the summer, DAMAC awarded a AED 628 million contract for the construction of nearly 1,300 villas at AKOYA Oxygen, in addition to awarding global contractor Multiplex a AED 1.14 billion construction contract for DAMAC’s premiere luxury residential project, AYKON London One, in the United Kingdom.
Tower projects under construction in Dubai and in various stages of completion are located on Sheikh Zayed Road, Business Bay, Dubai Marina, and Burj area to name a few while projects in Riyadh, Jeddah, and the UK are also progressing.