UAE Based Damac Secures $653 Million Contracts For Lagoons Project
During the first six months, Dubai-based Damac Properties received contracts totaling AED2.4 billion ($653 million) for its premier lagoons project. Ginco General Contracting received a significant contract worth AED 753.9 million for the primary construction of 1,127 villas and townhouses at the Malta cluster, while China Nuclear Industry 22nd Construction Company received an order worth AED 270 million for the primary construction of 433 villas at the Mykonos cluster of the master development and more than AED 256.5 million in contracts for the primary construction of 424 villas at the Monte Carlo cluster.
The 48 million square foot Damac Lagoons complex will include a 132/11kV substation built by Danway Electrical & Mechanical Engineering, who was contracted by the developer earlier this year. The second of three substations was anticipated.
"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," remarked General Manager of Projects Mohammed Tahaineh.
"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," he added.
Tahaineh, expressing delight at seeing the community build take shape steadily, said: "We are 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," he added.