Wednesday, May 06, 2009

Damac announces Dh2bn worth construction contracts for 2009

Damac Properties has announced plans to award Dh.2bn worth construction contract this year, with an aim to deliver an additional 7100 units by the end of next year.

Damac also announced successful completion of 500 storey across all its projects in Dubai.

The Chairman of Damac Holding, Hussain Sajwani, said "Our focus for 2009 and 2010 is construction and delivery. We plan to give away Dh.2bn worth contracts for construction of ten new projects. Damac has already achieved a milestone by completing 500 floors of residential, commercial and retail units so far, and we plan to double this number soon."

Last year, the company had awarded Dh.2.5bn worth of contracts. This year, majority of the contracts awarded will be main contracts.

Damac has already delivered about 2300 units during the past six months and is considering an aggressive delivery plan during the next two years. This includes plan to deliver 25 towers by the end of 2009.

The developer is currently focussing on full-fledged construction. Damac has already completed enabling works at the Lincoln Park at Arjan, Dubailand. The XL Tower at Business Bay has reached the third storey, while the Smart Heights has reached half-way point of construction at 15 floors. External cladding and painting has already begun at Emirates Garden in Jumeirah Village, while the company has completed the enabling works for Executive Bay development at Business Bay.

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