DAMAC Properties has handed out 15 major construction and consultancy contracts valued at AED 1.26bn between August and November 2016.
It brings the total value of contracts awarded by DAMAC so far this year to AED 6.51bn for projects in Dubai and the UK.
The recent contracts are related to projects in Dubai including DAMAC Properties two golf communities AKOYA by DAMAC and AKOYA Oxygen, in addition to multi-tower projects AYKON City and DAMAC Towers by Paramount Hotels & Resorts.
At AKOYA by DAMAC, the contracts cover the main works for construction of villas and apartments in several clusters of the masterplan community.
At its second master planned community, AKOYA Oxygen, the contracts awarded cover main works for construction of villas in addition to roads and infrastructure works, piling as well as consultancy agreements for the provision of design and supervision services related to the clubhouse and sub-stations.
Mohammed Tahaineh, Senior Vice President – Commercial, DAMAC Properties commented: With the handover of 1,350 villas and apartments at AKOYA by DAMAC in the last quarter of 2016, as well as the upcoming opening of the Trump International Golf Club, Dubai during the first quarter of 2017, AKOYA by DAMAC is rapidly progressing and taking shape – on track to becoming a full-fledged community.
We work with reputable contractors that have vast experience in their areas of specialisation, and strive to mitigate risks in project delivery by awarding various components of the development to a host of contractors.
The overall progress of the golf infrastructure work of AKOYA stands at 95%. Trump PRVT, scheduled for handover during Q1 2019, will mark the completion of the entire AKOYA by DAMAC master development. In AKOYA Oxygen, we continue to achieve significant progress as we have appointed 8 main contractors so far for the construction of 5,676 villas and works have commenced for all, Tahaineh concluded.
To deliver these works, DAMAC Properties has appointed some of the industrys major local and international names such as Ghantoot Gulf Contracting, Al Arif Contracting LLC and National Piling (NPC), amongst others.
China State Construction Engineering Corporation was also among the key appointments during this period, with the largest contract valued at AED 554mn, comprising the main works package for the residences at Paramount Tower Hotel & Residences, located in Dubai.
In addition to this residential and hospitality tower project, DAMAC Properties also appointed contractors for the provision of enabling works and shoring works at AYKON City, located on Sheikh Zayed Road and overlooking Dubai Canal.
So far in 2016, DAMAC Properties has launched a number of major projects with a combined value in excess of AED 15bn.