China firm wins key Damac Lagoons contracts
01 January 2024
Luxury real estate developer Damac Properties has signed up China Nuclear Industry 22nd Construction Company to implement the main works package for two clusters – Mykonos and Monte Carlo – coming up within its master development Damac Lagoons in Dubai.
As part of Damac Lagoons, Mykonos and Monte Carlo enjoy superior community features, ranging from azure blue lagoons, zip lines, waterpark-style amenities and attractions, as well as cluster-specific features such as the windmill park in Mykonos and aqua opera school house pavilion in Monte Carlo.
Over AED1 billion ($272.2 million) has been assigned for infrastructure, and more than AED5.6 billion has been awarded for the construction of villas in the community.
In the first half of 2023 alone, Damac signed contracts worth AED2.4 billion, a testament to the project’s momentum, the company said.
Once completed, the water-inspired community – Damac’s third master development – will have more than 8,000 villas and townhouses across 11 architecturally and lifestyle-inspired Mediterranean clusters.
Meanwhile, Damac has announced that construction work is in full swing on its Cavalli Tower in Dubai Marina. Damac said excavation for the 71-storey tower kicked off in January and significant progress achieved on the substructure by April. Currently, the superstructure work is advancing with the internal and external finishing expected to commence in June 2024.
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