DAMAC Properties has awarded a AED181 million ($49m) deal to Trans Emirates Contracting LLC for the construction of Zada, a 26-storey building in Dubai’s Business Bay.
According to the Dubai Land Department, August saw an 11.3 percent increase in sales compared to the same month last year, recording AED 4.72 billion in sales.
Niall McLoughlin, senior vice president, DAMAC, said it was against the backdrop of this confidence that has seen the company press ahead with existing projects, despite the economic turmoil caused by the coronavirus pandemic.
“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,” he said.
“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 development sector.”
Zada offers amenities such as a swimming pool, a children’s playground and a fitness centre, among others.