Gulf Construction Online - Damac awards Business Bay tower construction

Real Estate

The 26-storey Zada in Business Bay offers world-class amenities.

Damac awards Business Bay tower construction

01 November 2020

Leading UAE developer Damac Properties has awarded a Dh181-million ($49.2 million) contract to Trans Emirates Contracting for the main construction work on its 26-storey building, Zada within a master-planned community in Business Bay, Dubai.

Zada offers world-class amenities such as a swimming pool, a children’s playground and a fitness centre, among others.

What makes the Zada community unique is its balance between luxury and affordable pricing. Under the motto ‘Make the Impossible, Possible’ Zada units are priced at Dh699,999 with a 4 per cent DLD (Dubai Land Department) waiver and four-year payment plan.

The awarding of the contract is significant, given the challenges the property market has faced in light of Covid-19 and a subsequent lockdown, says the Dubai developer.

Damac views the awarded contract as a testament to its strong business model which was able to absorb the market shock caused by the unprecedented pandemic. “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 organisational capacity to continue our progressive journey,” remarks Niall McLoughlin, Senior Vice President.

“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,” he adds.