DAMAC Properties intends to award contracts worth Dh2 billion ($544.5 million) this year for a number of prestigious developments at Dubailand, Dubai World Central and Dubai Marina, among other master developments, Peter Riddoch, CEO, Damac Properties, tells Gulf Construction.
These include contracts for Lincoln Park, a low-rise mixed-use development in Dubailand, for which enabling works have already been completed. The main contract is expected to be awarded in the last quarter.
Damac will also be appointing the main contractor for Amber Residence — a 10-storey residential complex in Dubai World Central, in the third quarter, and awarding enabling package for Damac Heights, a 90-storey residential tower in Dubai Marina before the year-end.
Other contracts signed recently by Damac include the Dh5.6-million ($1.52  million) piling contract to Stromek Emirates Foundations for Burjside Boulevard Apartments and the Dh7.5-million ($2.04 million) enabling works contract to National Dewatering and Drainage Services for Marina Bay development at Reem Island in Abu Dhabi.
Burjside Boulevard, a luxury serviced apartment development in Dubai offering panoramic views of Business Bay and the Burj Dubai, comprises 38 floors of residential space, including one, two and three bedroom apartments, in addition to one level dedicated to leisure facilities including a gym, spa baths and sauna rooms. There will also be car-parking on one basement level and five levels of podium. The project is expected to be completed in three years’ time.
Last year was a highly busy one for the company, which handed more than 2,300 homes to customers. In 2009 Damac aims to build on this progress with a focus on timely completion and delivery, expecting to handover a further 7,100 units in 2009/10 across the GCC region.
“To succeed in these times of market uncertainty, it is important to demonstrate commitment to customers and maintain their confidence,” says Riddoch.
The company has also introduced a recovery plan for its customers. “For customers who have bought into projects that would be finishing in 2011 or 2012, we have offered to transfer them to projects finishing this year or next year. This has proved to be a very successful offering,” says Riddoch.
Projects to be completed and handed over during the course of this and next year include Smart Heights, Emirates Gardens One and Two and XL Tower, Lago Vista, Park Towers and Ocean Heights.