DAMAC’s ZADA Tower completes superstructure works ahead of schedule
Dubai, UAE — 17 March, 2022: DAMAC Properties is excited to announce the completion of roof slab concrete works for ZADA Tower, a 26-storey building located in Business Bay. While the balance superstructure works including the top roof and parapet were slated for completion in March 2022, the developer completed them ahead of schedule in December 2021.
In October 2020, DAMAC awarded Trans Emirates Contracting, LLC a contract worth AED 181,000,000 to start main work construction of ZADA Tower.
“The milestone achievement and quick turnaround time on the project is a testament to DAMAC’s perseverance and commitment to deliver projects ahead of schedule, despite the challenges presented by the Covid-19 pandemic,” Niall McLoughlin, Senior Vice President at DAMAC, said.
Approximately 23,910 cubic metres of concrete and 4,402 tonnes of steel were used to complete the superstructure works, and 580,840 man-hours were so far invested into construction works.
Strategically located within a master-planned community in Business Bay, ZADA offers world-class amenities such as a swimming pool, a children’s playground and a fitness centre, among others. Owing to its location in one of Dubai’s most buzzing neighbourhoods, residents will be close to the best shopping, dining, and entertainment experiences in their vicinity.
ZADA’s milestone achievement coincides with a property market rebound currently taking place in Dubai. The real estate sector has witnessed an exceptional growth in sales transactions in terms of volume and value in the past few months.
The Dubai real estate sector showed stellar performance in 2021, while experts expect the momentum to continue into 2022. The city recorded 5,797 sales transactions worth AED16.69 billion in January this year, becoming the best January ever on record, according to a report by Property Finder. Industry specialists and top executives say that Expo 2020 Dubai played a vital role in attracting foreign buyers to invest in the emirate’s growing real estate sector, along with the country’s quick response to Covid-19 challenges.
The real estate market is expected to see a sharp rise in its value as long-term tenants are switching from renting to buying homes to secure themselves in one of the most sought-after destinations in the world.
In addition, visa reforms, consistent economic incentives and stimulus packages have also benefited the sector and experts predict that property prices in the UAE will continue to rise in 2022 amid these encouraging government initiatives.
Against this positive backdrop, DAMAC successfully launched two new mega projects: Cavalli Tower, a new ultra-luxurious residential skyscraper in Dubai, and DAMAC Lagoons, a residential community of water-inspired living that aims to transport residents to popular tourist-favourite Mediterranean escapes, making vacation-living a part of their everyday life.
The projects have already seen record-breaking sales achieved shortly after their consecutive launches.
“We are very optimistic about the positive trajectory currently taking place in the UAE real estate sector and are grateful to the UAE leadership for their responsible and successful handling of the Covid-19 pandemic as well as the hospitable environment they have built for investors here,” McLoughlin added.