Tall & Urban News

Dubai Financial Market-listed DAMAC Properties has awarded the main contract worth US$49.2 million (AED181 million) for the construction of its 30-story Zada Residences in Business Bay to Transemirates Contracting. 

According to DAMAC, 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 evening out 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 percent increase in sales compared to the same period in 2019, recording US$1.3 billion (AED 72 billion) 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. 

Units within Zada are priced at US$190,582 (AED699,999) with a four percent 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 Transemirates Contracting confirms the extent of our focus on cooperating with only the best contractors to develop our projects while adhering to the highest qualiy 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 center, among other facilities. 

For more on this story, go to Construction Week Online.