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Damac awards contracts worth Dh1.26bn in last four months

2016-12-15 07:55:50

Lucy Barnard

Dubai developer Damac awarded 15 construction and consultancy contracts worth Dh1.26 billion in the four months between August and November, the company said on Tuesday.

Damac said this included main works contracts for villas and apartments at several clusters at its 42-million-square foot Akoya golf course development.

It also included main works contracts for villas, roads and infrastructure work, piling and consultancy agreements at its 55 million square feet Akoya Oxygen golf course project.

Damac said that it had appointed 8 main contractors for the construction of 5,676 villas at the scheme and it had awarded golf course construction packages. The contractors included Ghantoot Gulf Contracting, Al Arif Contracting and National Piling.

And Damac said that it had also awarded contracts for enabling works and shoring works at its 4-million-square foot Aykon City development next to the Dubai Canal and Sheikh Zayed Road.

In November Damac announced it had awarded China State Construction Engineering Corporation a Dh554 million contract to build part of its second Paramount Hotel project in Dubai.

Damac said that the new contracts brought the total value of contracts awarded so far in 2016 in London and Dubai to Dh6.51bn.

The news comes despite falling profits at Damac as house prices for super luxury homes in Dubai continue to slide and brokers report most demand in the lower end of the market. 

In November Damac reported an 11.7 per cent fall in third-quarter profits, as the developer’s chairman acknowledged that this year would be remembered as "the year of market turmoil and macroeconomic pressures".