DAMAC Lagoons Awards AED 2.4 Billion Worth of Contracts in the First Half of 2023
Dubai, United Arab Emirates, 7 August 2023: Leading UAE-based real estate developer DAMAC Properties has secured contracts worth AED 2.4 billion for its DAMAC Lagoons project since the beginning of this year.
Some of the key appointments include Ginco General Contracting LLC, which was awarded AED 753.9 million for the main works of 1,127 villas and townhouses at the Malta cluster, while China Nuclear Industry 22nd Construction Co. Ltd. was awarded close to AED 270 million for the main works of 433 villas in the master development’s Mykonos cluster and over AED 256.5 million for main works of 424 villas in the Monte Carlo cluster.
Earlier this year, the developer announced a contract for a 132/11kV substation to Danway Electrical & Mechanical Engineering LLC. As per the master development plant, this is the second of three substations planned for the 48 million sq ft community.
“DAMAC Lagoons is one of our most exclusive projects – in size, scope and offerings. I am delighted to see the progress it makes every day, often times exceeding expected dates of completion for various stages of construction. We are pleased to see it grow in strength and are excited to see all 11 clusters come to life in a few years’ time,” said Mohammed Tahaineh, General Manager of Projects at DAMAC.
“We are happy to see the community build take shape steadily, and proud to say that DAMAC Lagoons is one of the only communities in the UAE to have construction across the total area take place simultaneously, and not in phases. Our intent is to provide our customers with a product that is unique and exclusive, and I can confidently say we are on track to deliver what we have promised,” added Mohammed.
Vacation living in the heart of Dubai
DAMAC Lagoons is DAMAC’s third master community development in Dubai. The water-inspired community is adjacent to the successful DAMAC Hills community and offers vacation living as a part of daily life for residents.
There will be several activity hubs and residential clusters in the community, all themed and named after Mediterranean cities such as Nice, Morocco, Ibiza, Portofino, Monte Carlo, Marbella, Mykonos, Malta, Santorini, Costa Brava, and Venice.
Residents in the community will have a range of facilities to enjoy from waterside cafes, a floating cinema, lagoon-facing infinity pools, outdoor art exhibits, yoga lawns, an Augmented Reality (AR) nature trail, a spa and beauty salon, and a meditation lounge.
In addition, residents seeking to partake in fitness activities can enjoy the rock-climbing wall, kayaking, paddle surfing, a zipline, and several bicycle trails. The community also has the advantage of a location that has in its close vicinity various schools, entertainment centres, and hospitals.
The community will have more than 8,000 villas and townhouses, and is set to become one of the first LEED for Communities Gold Certified projects in the UAE. All villas and buildings meet Al Safat Silver in addition to certifying two main commercial buildings with LEED Gold Rating, the clubhouse and the sales centre. This project is part of DAMAC’s inspiring portfolio that includes award-winning residential, commercial and leisure developments.
DAMAC has also made global footprints with a flagship project handed over in the UK - the DAMAC Towers Nine Elms, a condominium project announced in the upscale Surfside neighbourhood of Miami, US, which will be designed by renowned firm Zaha Hadid Architects, as well as plans in Toronto, Canada.
Additionally, the developer recently signed a contract with Mandarin Oriental Hotel Group to operate a new resort on a group of private islands in The Maldives.
DAMAC Properties has been keeping momentum with the rapidly growing real estate market fervour, helping fill the supply chain to match the rising demands from investors in the UAE, and now globally. With a robust track record of successful projects, the company will continue looking towards strategic expansions to new geographies.
