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Damac Properties awards Dh181 million construction contract for Zada in Business Bay
Dubai, UAE: Damac Properties said, it has awarded a Dh181 million main construction contract to Trans Emirates Contracting LLC, for Zada, a 26-storey building in Business Bay.
“The development is significant given the challenges the property market has faced in light of Covid-19 and a subsequent lockdown, a company statement said, adding, “Damac views the awarded contract as a testament to its strong business model which was able to absorb the market shock caused by the unprecedented pandemic.”
According to a recent survey by the global real estate advisory firm Colliers International, the UAE Real Estate Market has started to see return of normality since the onset of the pandemic. Thanks to the UAE’s excellent management of the Covid-19 pandemic and the subsequent lifting of lockdown and other movement restrictions, Damac is able to move forward full steam on completion of existing projects and is excited to continue offering premium living units, which it is best known for.
Another interesting finding from the Colliers report is a notable increase in first time buyers. According to the Dubai Land Department, August 2020 saw an 11.3 per cent increase in sales compared to last August, recording Dh4.72 billion in sales. The reasons for the uptick can be attributed to a combination of attractive pricing and the fact that many people chose not to travel back to their home countries this summer due to the pandemic. The Colliers report also noted an uptick in High End activity, which bodes well for Damac’s luxury-focused model.
What makes the Zada community unique is its balance between luxury and affordable pricing. Under the motto ‘Make the Impossible, Possible” Zada units are attractively priced at Dh699,999 with a 4 percent DLD waiver and four-year payment plan.
Niall McLoughlin, Damac Properties’ 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. This is a reflection of our organisational capacity to continue our progressive journey. 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.”
Strategically located within a master-planned community in Business Bay, Zada offers world-class amenities such as a swimming pool, a children’s playground and a fitness centre, among others. Owing to its location in one of Dubai’s most sought after neighbourhoods nearby Burj Khalifa, residents will be close to the best shopping, dining, and entertainment experiences in their vicinity.