DAMAC Properties has awarded construction contracts for two residential projects in the DAMAC Hills master development in Dubai.
The contracts, valued at 588 million UAE dirhams ($160.09 million), were awarded to Dubai-based Engineering Construction and Reconstruction Company, the developer said in a statement.
The first contract, valued at AED341 million, is for the main works of the GEMS Estates cluster within DAMAC Hills.
The second contract, worth AED247 million, is for the main works as part of Cavalli Villas.
GEMS Estates is a collection of high-end mansions branded by Swiss jeweller de GRISOGONO, with home interiors by Italian fashion house Roberto Cavalli.
DAMAC launched Volta, a new fitness-inspired luxury residential development on Sheikh Zayed Road, earlier this month.
The developer awarded contracts worth AED2.4 billion ($653.41 million) for its DAMAC Lagoons development in the first half of 2023.
(Writing by D Madhura; Editing by Anoop Menon)
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