DAMAC Properties has awarded Trans Emirates Contracting, LLC, a contract worth AED 181 million to start the main work construction of Zada, a 26-storey building located in the coveted Business Bay neighbourhood in Dubai.
The development is significant given the challenges the property market has faced in the current pandemic.
According to a recent survey by the global real estate advisory firm Colliers International, the UAE Real Estate Market has started to see the return of normality since the onset of the pandemic.
Another interesting finding from the Colliers report is a notable increase in first-time buyers. According to the Dubai Land Department, August 2020 saw an 11.3% increase in sales compared to last August, recording AED 4.72 billion in sales.
The reasons for the uptick can be attributed to a combination of attractive pricing and the fact that many people chose not to travel back to their home countries this summer due to the pandemic.
At the time of the launch, Niall McLoughlin, Senior Vice President, said: “We have a strong business model and infrastructure that enables DAMAC to grow, develop, and advance, despite any challenges we may face. This is a reflection of our organizational capacity to continue our progressive journey. The new contract with Trans Emirates Contracting confirms the extent of our focus on cooperating with only the best contractors to develop our projects while adhering to the highest quality standards, and our Zada project is a reaffirmation of our success in the luxury real estate development sector.”