Developer’s Firm Belief in Dubai Real Estate sees Substantial Contracts Awarded in the Last Month
Leading luxury real estate developer DAMAC Properties has awarded five major construction contracts worth a total of AED 1.2 billion so far in 2015.
Signifying the developer’s firm belief in the Dubai real estate market, DAMAC Properties has appointed five contractors for additional work on its two luxury master developments, AKOYA by DAMAC and AKOYA Oxygen in addition to main works packages on three of its serviced hotel apartment’s projects, Privé by DAMAC, Celestia and Vantage.
All of the contracts have been awarded within the last month.
“Over the past year there has been significant investment from buyers all over the world in our luxury living concepts – particularly our serviced hotel apartment units and both of our stunning golf communities,” said Niall McLoughlin, Senior Vice President, DAMAC Properties. “We have a strong belief in Dubai’s fundamentals and by making such a high level of investment in these construction contracts, we are demonstrating our commitment to owners to deliver high quality living experiences in good time.”
DAMAC Properties has awarded Ghantoot the construction contract for the first 981 villas at its new 55 million sq. ft. master development, AKOYA Oxygen, while SEIDCO has won the main contract to build Privé by DAMAC, a two-tower serviced hotel apartment’s project overlooking the canal in the Business Bay area of Dubai. The company has also been awarded the building of the iconic clubhouse which will serve the Trump International Golf Club, Dubai at the heart of AKOYA by DAMAC.
Civilco will be the main contractor of Celestia, a luxury hotel apartment’s development at the heart of Expo 2020 and Al Maktoum International Airport and Reem Capital will build DAMAC Properties luxury hotel apartment’s project, Vantage, in Jumeirah Village.
“DAMAC Properties only works with the most established and trusted partners to deliver its projects and we are pleased to bring on board some of Dubai’s most reliable contractors,” added McLoughlin. “We aim to continue delivering units over the next few years, adding to the 13,000 we have already handed over, as we continue to shape the Dubai skyline with iconic and luxurious developments.”
DAMAC Properties is one of the largest and most influential developers in the Middle East with projects in the UAE, Saudi Arabia, Jordan, Lebanon and Qatar.
The company has a wide variety of luxury living concepts, from high-end private apartments in towers in the most desirable locations such as the Burj Area and Dubai Marina, to serviced hotel apartments managed by its own brands: DAMAC Maison and NAIA Hotels & Hotel Apartments. The company has also moved into developing large master developments, with its AKOYA by DAMAC and AKOYA Oxygen communities, both of which will be home to a Trump managed 18-hole, Championship-standard golf course. Superstar Tiger Woods is designing the course in AKOYA Oxygen.
DAMAC Properties also has in place collaborations with some of the world’s most recognisable fashion brands including FENDI and Versace, Trump and Paramount Hotels & Resorts. These agreements present stylish and aspirational ‘limited edition’ collections for the savviest international buyers.
The Dubai real estate market has seen a significant rise in prices over the course of 2014, with JLL reporting that prices increased 15% across the board last year. With the economy on track to hit 4.5%, population up 5% a year and tourism to the Emirate set to hit 20 million in the next five years, Dubai is set on a stable growth path.
As of December 31st 2014, DAMAC Properties has delivered almost 13,000 homes and has a development portfolio of over 38,000 units at various stages of progress and planning. Included are more than 10,000 hotel rooms and serviced hotel apartments under development, which will be managed by its hospitality arm, DAMAC Hotels & Resorts.