Damac Properties stresses timely delivery of projects

Dubai: Damac Properties has awarded contracts worth about Dh2.5 billion in the first nine months of 2008, reinforcing its commitment to timely delivery of projects amid growing public concerns over chronic delays that have plagued the UAE's real estate market.

"From initial consultants through to enabling and main contractors, the company has awarded more than 60 contracts in the first nine months of the year - showing that it means business when it comes to delivery," the company said in a statement

"So far approximately Dh2.1 billion worth of contracts has been awarded by Damac Properties in Dubai, Dh45 million in projects in Abu Dhabi and a total of Dh320 million in projects by Damac International in Qatar and Jordan."

Chief Executive Peter Riddoch said he believed that this continued progress sent out a clear message to customers and was indicative of Damac Properties' determination to deliver luxury products to its customers.

Landmark year

"This has been a landmark year for Damac Properties for a number of reasons and when you look at the scope and extent of the contracts we have awarded you can see why we refer to it as our 'Year of Construction'," said Riddoch.

Among the largest contracts awarded by Damac Properties Dubai this year was the Dh805 million main contract for LakeSide, a four-tower development at Dubai's IMPZ area - and also a Dh275 million main contract for Capital Bay, the company's twin tower office development at Business Bay in Dubai.

In addition, enabling contracts worth a total of Dh277 million have been awarded at Damac Properties' international developments in Jordan.

Riddoch added that he believed it was important to show that while progress continued at other new developments that there was no distraction from the delivery of projects launched in earlier years.

The company introduced its first three projects in 2002 and has handed over all three towers that had been launched during its first two years.