DAMAC Properties Awards more than AED 1.2 Billion Construction Contracts in 2015
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’sdevelopment 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 tocontinue
deliveringunits 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.
###
About DAMAC Properties
DAMAC Properties has been at the forefront of the Middle East’s luxury
real estate market for more than 13 years – bringing luxury living experiences
to residents from all over the world. Making its mark at the highest end of
stylish living, DAMAC Properties has cemented its place as the leading luxury
developer in the region, offering iconic design and the upmost quality. The
company’s footprint now extends across the Middle East with projects in the
UAE, Qatar, Saudi Arabia, Jordan and Lebanon.
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.
The
company is dual-listed on the Dubai Financial Market (DFM) with Global
Depository Receipts placed on the London Stock Exchange (LSE), making it the
first real estate company from the UAE to appear on LSE. The company also issued a US$650 million five year Sukuk on NASDAQ Dubai
in April of 2014, which was more than four times oversubscribed and was placed
with institutional investors across Europe, the Middle East and Asia.
As a
leading player in the market, DAMAC Properties has joined forces with some of
the most recognisable fashion and lifestyle brands in the world to bring new
and exciting living concepts to the market. Projects include a Tigers Woods
designed golf course which will be managed by The Trump Organisation, luxury
apartments with interiors by Italian fashion-houses Versace, luxury apartments
and villas with interiors byFENDI and uniquely conceptualised Paramount Hotels
and Resorts to bring serviced living at it most opulent.
The company is also developing two of the most anticipated luxury master
communities in Dubai – AKOYA by DAMAC and AKOYA Oxygen. With a combined square
footage of almost 100 million sq ft, the two distinct projects bring luxury
villas within lush green surrounds to the doorstep of those looking to escape
the city lights in a private, serene environment.
Running through the heart of each project will be an 18-hole
Championship Golf Course – The Trump International Golf Club, Dubai designed by
Gil Hanse at AKOYA by DAMAC and The Trump World Golf Club, Dubai, designed by
Tiger Woods. Both courses will be managed by the Trump Organisation, offering
the highest levels of white glove service.
Each project will house the highest luxury villas and apartments
currently available on the market, with branded living concepts available
within AKOYA by DAMAC from Paramount Hotels & Resorts and FENDI. The Trump
Estates mansions also offer a truly indulgent lifestyle, with panoramic views
across the course.
As a global leader in branded real estate, the company is also
developing a US$1 billion hotel and luxury serviced residences in the Burj area
of Dubai, called DAMAC Towers by Paramount, which will comprise the first
Paramount hotel and serviced residences in the region.
DAMAC Properties’ hospitality portfolio will extend
within the coming three years to reach around 10,000 units of hotel rooms,
serviced hotel apartments and serviced villas. The company’s pipeline of
hospitality projects to be opened in the coming few months extends in different
locations of the Burj Area and other key areas of Dubai with its DAMAC Maison
and NAIA products.
With vision and momentum, DAMAC Properties is building the next
generation of Middle East luxury living.
Further information is available at www.damacproperties.com or join
DAMAC Properties on Facebook, Twitter
(@DAMACOfficial) and YouTube.
For more information please
contact: Niall McLoughlin, Senior Vice President - Corporate Communications,
DAMAC. Tel: +971 4 3731000 │ Fax: 00 9714 3732335 │Email: niall.mcloughlin@damacgroup.com
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