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Damac awards $160m contracts for two projects

By Pramod Kumar
Damac Gems Damac
The Gems Estates Cluster and Cavalli Villas will set new standards in upscale living, said Mohammed Tahaineh, general manager of Projects, Damac Properties

Damac Properties has awarded two contracts worth AED588 million ($160 million) for Damac Hills, the Dubai developer’s flagship master development.

The first contract, valued at AED341 million, is for the main works of the Gems Estates cluster – a luxurious collection of high-end mansions branded by Swiss jeweller de Grisogono, with home interiors branded by Italian fashion house Roberto Cavalli.

The contract includes the construction of high-end villas and amenities.

The second contract, worth AED 247 million, will cover the main works as part of Cavalli Villas within the master community.

“We believe that Gems Estates Cluster and Cavalli Villas will set new standards in upscale living,” Mohammed Tahaineh, general manager of Projects, Damac Properties, said in a statement.

Both contracts were awarded to Engineering Construction and Reconstruction Company.

Damac last month launched the second phase of the Morocco cluster at Lagoons, its third master development in Dubai, as part of a portfolio of 11 Mediterranean-themed clusters. 

In February, the developer awarded the main construction contract worth AED886 million ($241.22 million) for its 71-storey Cavalli Tower in Dubai Marina to China State Construction Engineering Corporation.

Dubai real estate still offers value for money compared with some of its global peers, a new report by investment bank UBS has claimed.

In the year leading up to August 2023, average sales prices in Dubai increased by 19.6 percent, while average rents in the city rose by 21.7 percent.

“Given strong income growth and a red-hot rental market, with rental growth even surpassing owner-occupied price growth, we see the market as fairly valued,” this year’s edition of the UBS Global Real Estate Bubble Index reported. 

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