Q Properties awards $476m contract for Abu Dhabi luxury villa project
ABU DHABI, August 29, 2023
Q Properties, a leading UAE real estate developer and subsidiary of Q Holding, has awarded a AED1.75-billion ($476 million) construction deal to Emirati group Trojan General Contracting for the first phase of its luxury villa development - Reem Hills - on Abu Dhabi's prime development Al Reem Island.
Situated at the heart of the capital, Reem Hills stands as the sole gated community on Abu Dhabi's prestigious Al Reem Island, focusing on exclusivity and well-being.
Reem Hills is an integral component of Q Properties' exclusive development portfolio, encompassing numerous residential, commercial, and retail projects currently in progress, said the developer in a statement.
As per the deal, Trojan will be responsible for constructing the fully sold out 218 luxury villas ranging from four- to seven-bedroom units and developing a 3 million sq ft of built-up area (BUA), it added.
On the contract win, Trojan General Contracting CEO Mohammed Mahmoud said: "We are delighted that Q Holding has put its trust in us to deliver the Phase 1 villas and be part of such a prestigious project."
"We are eager to work closely with their team and ensure the Reem Hills vision, which I believe represents an exciting new era for community design in the capital, comes to full fruition. Work will begin on the Phase 1 villas in September 2023," he added.
Q Holding Group CEO Majed Odeh said the contract serves as a testament to the group's unwavering commitment to the project's construction timeline.
With a substantial land bank exceeding 30 million sq m, the company is strategically transforming vast, previously uninhabited expanses into dynamic urban communities to cater to the surging demand for real estate developments in the UAE market.
"Following a rigorous selection process, we are highly pleased with the significant progress achieved by Q Properties' team in advancing this landmark project," he added.-TradeArabia News Service
