Dubai Financial Market-listed DAMAC Properties has awarded the main contract worth $49.2m (AED181m) for the construction of its 26-storey Zada project in Business Bay to Trans Emirates Contracting.
According to DAMAC said that the contract award was a testament to its strong business model, which was able to withstand the market shock caused by the COVID-19 pandemic.
A recent survey by Colliers International, revealed that the UAE Real Estate Market has begun returning to return of normality since the onset of the pandemic.
Meanwhile, DAMAC has been able to move forward with the completion of its existing projects, set to offer premium living units.
According to the Dubai Land Department (DLD), August 2020 saw an 11.3% increase in sales compared to the same period in 2019, recording $1.3bn (AED4.72bn) in sales. DLD attributed the reason for the spike in sales to a combination of attractive pricing and the travel restrictions that kept people from traveling back to their home countries in the summer months.
Under the motto ‘Make the Impossible, Possible’, units within the Zada are priced at $190,582.2 (AED699,999) with a 4% DLD waiver and four-year payment plan.
Speaking at the launch of the project, Niall McLoughlin, senior vice president, said: “We have a strong business model and infrastructure that enables DAMAC to grow, develop, and advance, despite any challenges we may face.
“The new contract with Trans Emirates Contracting confirms the extent of our focus on cooperating with only the best contractors to develop our projects while adhering to the highest quality standards, and our Zada project is a reaffirmation of our success in the luxury real estate development sector.”
Located within a master-planned community in Business Bay, Zada features amenities including a swimming pool, a children’s playground, and a fitness centre, among other facilities.
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