Leading UAE developer Damac Properties has awarded a deal worth AED181 million ($49.2 million) to Trans Emirates Contracting for the main construction work on its 26-storey building, Zada in Dubai.
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 have access to the best of shopping, dining, and entertainment experiences, stated the developer.
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 AED699,999 with a 4% DLD waiver and four-year payment plan.
The awarding of the contract is significant given the challenges the property market has faced in light of Covid-19 and a subsequent lockdown, said the Dubai developer.
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.
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 AED 4.72 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.
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, said a top official.
"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," remarked Niall McLoughlin, Senior Vice President.
"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," he added.-TradeArabia News Service