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Damac to start work on De Grisogono project in Dubai

By Pramod Kumar
Safa One, featuring two luxury towers, was launched last year, with excavation and enabling works completed earlier this year Damac
Safa One, featuring two luxury towers, was launched last year, with excavation and enabling works completed earlier this year

Damac Properties has awarded the main works package for its Safa One de Grisogono project on Dubai’s Sheikh Zayed Road, with completion expected in 2026.

The contract, valued at over AED500 million ($136.13 million), was awarded to UAE-based United Engineering Construction Company.

Safa One was launched last year, with excavation and enabling works completed earlier this year.

The project will feature two upscale luxury towers, with interiors by the Swiss luxury group de Grisogono. 

Over the past year, Damac has launched more than 10 branded residences in Dubai.

The developer in February awarded the main construction contract worth AED886 million for its 71-storey Cavalli Tower in Dubai Marina to China State Construction Engineering Corporation.

Launched in 2021, the project is expected to be completed in the second half of 2026 with interiors designed by Italian fashion house Roberto Cavalli.

Damac last month awarded two contracts worth AED588 million for Damac Hills, the Dubai developer’s flagship master development.

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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