DAMAC Properties awards main contract for Zada project in Business Bay

SourceBusiness Live ME
SectorReal Estate
CountryUnited Arab Emirates

(WAM) — DAMAC Properties has awarded Trans Emirates Contracting, LLC, a contract worth AED181,000,000 to start 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 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 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 per cent increase in sales compared to last August, recording AED4.72 billion in sales. The reasons for the uptick can be attributed to a combination of attractive ...read more...