Overcoming property market shock, DAMAC Properties awards main contract for Zada project in Business Bay
DAMAC Properties has awarded Trans Emirates Contracting, LLC a contract worth AED 181,000,000 to start main work construction of Zada, a 26-storey building located in the coveted Business Bay neighbourhood. The development is significant given the challenges the property market has faced in light of Covid-19 and a subsequent lockdown.
DAMAC views the awarded contract as a testament to its strong business model which was able to absorb the market shock caused by the unprecedented pandemic.
According to a recent survey by the global real estate advisory firm Colliers International, the UAE Real Estate Market has started to see return of normality since the onset of the pandemic. Thanks to the UAE’s excellent management of the Covid-19 pandemic and the subsequent lifting of lockdown and other movement restrictions, DAMAC is able to move forward full steam on completion of existing UAE residential projects and is excited to continue offering premium living units, which it is best known for.
Another interesting finding from the Colliers report is a notable increase in first time buyers. According to the Dubai Land Department, August 2020 saw an 11.3 per cent increase in sales compared to last August, recording AED 4.72 billion in sales. The reasons for the uptick can be attributed to a combination of attractive pricing and the fact that many people chose not to travel back to their home countries this summer due to the pandemic. The Colliers report also noted an uptick in High End activity, which bodes well for DAMAC’s luxury-focused model.
What makes the Zada community unique is its balance between luxury and affordable pricing. Under the motto ‘Make the Impossible, Possible” Zada units are attractively priced at AED 699,999 with a 4% DLD waiver and four-year payment plan.
At the time of the launch, Niall McLoughlin, Senior Vice President, said, “We have a strong business model and infrastructure that enables DAMAC to grow, develop, and advance, despite any challenges we may face. This is a reflection of our organisational capacity to continue our progressive journey. The new contract with Trans Emirates Contracting confirms the extent of our focus on cooperating with only the best contractors to develop our projects while adhering to the highest quality standards, and our Zada project is a reaffirmation of our success in the luxury real estate developmers sector.”
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 sought after neighbourhoods nearby Burj Khalifa, residents will be close to the best shopping, dining, and entertainment experiences in their vicinity.
DAMAC Properties has been at the forefront of the Middle East's luxury real estate market since 2002, delivering award-winning residential, commercial and leisure properties across the region, including the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, and Oman, as well as the United Kingdom.
Since then, the company has delivered over 30,000 homes. Joining forces with some of the world’s most eminent fashion and lifestyle brands, DAMAC has brought new and exciting living concepts to the market in collaborations that include a golf course by Tiger Woods Design, managed by The Trump Organization, and luxury homes in association with Versace, Just Cavalli, Rotana, Paramount Hotels & Resorts, Rotana and Radisson Hotel Group. With a consistent vision, and strong momentum, DAMAC Properties is building the next generation of Middle Eastern luxury living.
DAMAC places a great emphasis on philanthropy and corporate social responsibility. As such, the Hussain Sajwani – DAMAC Foundation, a joint initiative between DAMAC Group and its Chairman, Hussain Sajwani, is supporting the One Million Arab Coders Initiative. The programme was launched by Vice President and Prime Minister of the UAE, and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, and is focused on creating an empowered society through learning and skills development.
Visit us at www.damacproperties.com
For more information, please contact:
Layelle Saad, Senior Corporate Communications Manager, DAMAC Properties