Damac Properties, a leading UAE-based luxury project developer, said it has awarded contract worth Dh299 million ($81.3 million) for the construction of 478 luxury villas within its Akoya Oxygen, a master community development in Dubai.
The contract was secured by a wholly-owned subsidiary of Arabtec, a leading engineering and construction group based in the UAE.
As per the deal, Arabtec Construction is expected to start the work on the villas immediately, with completion within the next 16 months, said the statement from Arabtec.
Group CEO Hamish Tyrwhitt said: "We are delighted that Damac continues to show confidence in Arabtec Construction through the award of our third project at the Akoya Oxygen master development, further building on our longstanding relationship."
Akoya Oxygen is a 55-million-sq-ft master development showcasing the greenest living spaces in Dubai and is home to an 18-hole championship golf course designed by Tiger Woods.
Its residential offering of serviced and non-serviced villas and apartments are complemented by community conveniences and world-class amenities.
Niall McLoughlin, the senior vice-president at Damac Properties, said: "Arabtec Construction shares our commitment to homebuyers and has a track record of delivering quality build in a timely manner. We are thrilled to entrust them with our luxury villas, which house the dreams of our customers."
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