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DAMAC Properties Awards $160M in Contracts for Luxury Dubai Developments

DAMAC Properties, a premier real estate developer in the Middle East, has officially awarded construction contracts valued at AED588 million ($160.09 million) for two residential projects within the DAMAC Hills master development in Dubai.

DAMAC Properties – Contract Awarding Details:

The contracts, pivotal for DAMAC’s continuous expansion, were granted to Dubai-based Engineering Construction and Reconstruction Company. The developer disclosed the details and values of the contracts through an official statement.

GEMS Estates Cluster:

The first contract, totalling AED341 million ($92.77 million), is allocated for the main works of the GEMS Estates cluster within DAMAC Hills. GEMS Estates is a distinguished collection of premium mansions, distinctly branded by Swiss jeweller de GRISOGONO, featuring lavish home interiors crafted by the legendary Italian fashion house, Roberto Cavalli.

Cavalli Villas:

The second contract, valued at AED247 million ($67.32 million), is for the principal works of Cavalli Villas, another refined residential project under DAMAC’s extensive portfolio.

DAMAC Properties Further Developments and Investments:

Earlier this month, DAMAC unveiled Volta, a novel fitness-inspired luxury residential development on Sheikh Zayed Road, exemplifying the company’s devotion to innovative luxury developments. Moreover, DAMAC sanctioned contracts worth AED 2.4 billion ($653.41 million) for its DAMAC Lagoons development in the first half of 2023, accentuating its prominence in the luxury real estate domain.

DAMAC Properties – A Symbol of Luxury and Innovation:

DAMAC Properties persistently leads the luxury real estate development sector, marrying innovative design with unparalleled craftsmanship. These novel projects within DAMAC Hills symbolise the company’s relentless commitment to delivering superior, luxury properties, catering to the varied preferences of its sophisticated clientele.

The recent contract signing highlight DAMAC Properties’ commitment to delivering premium residential properties and enriching the luxury real estate market in Dubai.


Gulf Estate Gazette

Gulf Estate Gazette is a leading source for comprehensive insights into the dynamic real estate landscape of the GCC and MENA region. Our platform is dedicated to providing valuable information and perspectives for individuals, investors, and industry professionals. With a passionate team and an unwavering commitment to excellence, we aim to empower our audience with the knowledge and opportunities needed to thrive in the ever-evolving world of real estate in the Gulf and beyond.

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