Danube Properties has awarded Naresco Contracting with the AED185mn ($50.36mn) main contract for the Glitz 3 development in Dubai Studio City.
This is the third major win for Naresco after they bagged the contract for Glitz 1 & 2 last year.
The AED 350mn development in Studio City will offer 352 apartments ranging from studios to three bedrooms when complete by end of 2010.
Rizwan Sajan, Founder & Chairman, Danube Group, said: “Naresco has a proven track record and we are proud of their 3rd win as the last two projects which were awarded to Naresco are way ahead of their schedule.”
Abdul Karim Al Arif, General Manager, Naresco Contracting LLC said: “Winning the main contract for Danube’s Glitz residence 3 is a huge win for Naresco as it reinforces our commitment towards delivering quality and value in a fixed timeframe. Danube has put in a stringent evaluation and selection process; in the end to satisfy them on all levels just makes this win even sweeter and is in line with our projected growth.”
Danube’s first project Dreamz is well on schedule for delivery whereas other projects- Glitz 1, Glitz 2, Glitz 3 and Starz are all 4-5 months ahead of schedule.
While market sentiment is down, Danube has been busy carving its own niche in the affordable housing segment.
The company has been able to avoid delays in projects because of their core business division which allows the selected contractor to source building material on time and at the lowest available price.
Such an arrangement makes sure that the project cost comes down considerably, which allows Danube to pass on the benefits to customers by delivering property at the most affordable price, the company said.