Over AED 1.2 Billion Awarded for DAMAC Lagoons Project

Thu, 12 Oct, 2023

DAMAC Properties, one of the leading luxury real estate developers in the Middle East, has awarded a contract worth AED 1.2 billion to Darwish Engineering Emirates LLC.

The contract consists of the main works package of 275 villas in the Venice cluster of its highly anticipated third master community, DAMAC Lagoons.

Thus far, the development has awarded close to AED 7 billion for the master development. More than AED 1 billion worth of contracts to date for infrastructure, and over AED 5.6 billion worth of contracts have been awarded to date for villa construction. In the first half of this year alone, DAMAC secured contracts worth AED 2.4 billion, a testament to the project’s steady construction momentum.

Mohammed Tahaineh, General Manager of Projects at DAMAC, said: "We are immensely proud and delighted to see the progress our third and most exclusive master development is making. Since we launched the project in 2021, we have made significant progress, with an impressive 20% construction well underway for 6,459 villas spread across 13 clusters. We will continue to keep pace with this progress and ensure timely delivery.”

Additionally, 1,432 villas (across 2 clusters) are in the final stages of appointing the main contractor, while 1,025 villas (across 2 clusters) are in the final stages of design. More than 2,600 villas have already reached the ground floor or above.

The project employs a daily workforce of more than 14,000 individuals, supported by over 100 excavators and more than 850 vehicles entering the site daily.

Remarkably, DAMAC Lagoons has achieved over 19.6 million safe man-hours without any lost time incident, reflecting its unwavering commitment to the safety and well-being of its workforce.

Spanning an impressive 4.5 million sq. m, DAMAC Lagoons is the company's third master community development in the city and is located adjacent to DAMAC Hills.

The development's prime location provides residents with easy access to schools, entertainment centres, and hospitals, all within close reach.

Themed on the Mediterranean region and with a keen focus on water-inspired features, DAMAC Lagoons will be divided into multiple clusters, each capturing the essence of a renowned Mediterranean city. As well as Venice, the clusters include Ibiza, Malta, Marbella, Morocco, Monte Carlo, Mykonos, Costa Brava, Nice, Portofino, and Santorini.

With a total gross floor area (GFA) of 2.3 million sq. m. the community will feature more than 9,000 villas. To date, more than 95% of released units have been sold to date. In line with the water-inspired theme, the community will consist of 176,650 sq. m. of water spaces, an area larger than 141 Olympic-sized swimming pools. On completion, the community is expected to accommodate more than 39,400 people.

DAMAC Lagoons will also offer an array of amenities, including an exclusive clubhouse, lush green meadows, retail shops, a floating amphitheatre, fitness centres, crystal lagoons, kids' play areas, an inland white beach, a water cinema, a wave pool, waterpark.

In line with DAMAC’s commitment to sustainability, the project is also currently in the process of obtaining a LEED Gold certification, aiming to become one of the first master communities in the UAE to receive this prestigious rating under the LEED Cities and Communities Rating System. The development integrates green and sustainable features at every stage, from initial design to construction and future operation.