Leading UAE-based real estate developer Damac Properties has announced the further development of its third main community, Damac Lagoons, with new contracts worth close to AED 235 million (US$ 64 million) with Hills & Fort Construction and Ancient Builders Construction.
Adjacent to Damac Hills, Lagoons is the UAE developer’s third major community project in Dubai, with a total area of 45 million square feet.
There will be multiple activity centers and residential areas in the community, all themes and names are named after Mediterranean cities such as Nice, Morocco, Ibiza, Portofino, Monte Carlo, Marbella, Mykonos, Malta, Santorini, Costa Brava and Venice.
According to Damac, Hills & Fort Construction has been awarded contracts for community roads and infrastructure works in the Malta and Venice clusters, while Ancient Builders Construction has been awarded the main package for 61 villas in the Portofino cluster.
“The new contract is a testament to the pace and pace of construction we have maintained as we develop our third main community, Damac Lagoons,” said Mohammed Tahaineh, General Manager of Damac Projects.
“We’re excited to see our latest community projects steadily becoming a reality, breathing life into projects we care about. We look forward to maintaining this progress and delivering finished products to our clients at a good pace,” he said.
According to him, residents of the community will enjoy a range of amenities – from a waterside cafe, a floating cinema, an infinity pool facing the lagoon, an outdoor art exhibit, a yoga lawn to an augmented reality (AR) nature trail, a spa beauty salon and meditation breaks room.
Additionally, residents looking to get in on the action can enjoy a climbing wall, kayaking, paddle boarding, zip lining, and multiple biking trails. The community also has the advantage of a location with a variety of schools, recreation centers and hospitals nearby.
The community will be one of the first Leed for Communities Gold certified projects in the UAE. Tahaineh said that apart from the two main commercial buildings, the clubhouse and the sales center which are LEED Gold certified, all the villas and buildings meet the Al Safat Silver standard.
Damac Properties has maintained momentum in the fast-growing real estate market enthusiasm, helping to fill the supply chain to meet the growing demand of UAE investors.
In addition to its growing residential master community, the company has announced multiple tower projects to cater to the region’s expanding luxury residential market.
Tahaineh noted that with a proven track record of successful projects in the domestic market, the company has been pursuing strategic expansion into new regions.
Damac will announce plans for Miami and Toronto in due course, he added, following the successful launch of its iconic tower in London.trade arab news agency