Dubai-headquartered DAMAC Properties has awarded contracts worth 2.4 billion UAE dirhams ($653.41 million) for its DAMAC Lagoons development in the first half of 2023.
According to a company statement, the major contracts awarded are:
• Ginco General Contracting was awarded AED753.9 million for the main works of 1,127 villas and townhouses at the Malta cluster.
• China Nuclear Industry 22nd Construction Co. was awarded close to AED270 million contract for the main works of 433 villas in the master development’s Mykonos cluster and over AED256.5 million for the main works of 424 villas in the Monte Carlo cluster.
• A contract for a 132/11kV substation was awarded to Danway Electrical & Mechanical Engineering. As per the master development plan, this is the second of three substations planned for the 48 million square feet community.
DAMAC Lagoons is the developer’s third master community development, which will include hubs and residential clusters themed and named after Mediterranean cities such as Nice, Morocco, Ibiza, Portofino, Monte Carlo, Marbella, Mykonos, Malta, Santorini, Costa Brava, and Venice.
The community will house over 8,000 villas and townhouses and will be a LEED for Communities Gold Certified project in the UAE.
(Writing by P Deol; Editing by Anoop Menon)