United Arab Emirates-based real estate developer DAMAC Properties has awarded the Engineering Construction and Reconstruction Company two contracts for its master development.
Named DAMAC Hills, the new, self-contained community spreads across an area of more than four million square feet.
Go deeper with GlobalData
The two contracts cover the GEMS Estates Cluster and Cavalli Villas within DAMAC Hills. The estimated value of both contracts when combined is Dh588m ($160.09m).
The first contract is for the main works of GEMS Estates and is said to be worth Dh341m of the overall Dh588m.
GEMS Estates is a high-end collection of ultra-luxurious mansions branded by Switzerland-based jewellery maker de GRISOGONO, with home interiors also branded by Italian fashion company Roberto Cavalli.
Consequently, the project is said to be the world’s first co-branded real estate project.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe scope of this contract comprises the development of a range of high-end villas and affiliated amenities.
The second contract involves the main works of Cavalli Villas and is worth the remaining Dh247m.
Cavalli Villas is hoped to offer a combination of security, privacy, and communal living, all set against the landscape of DAMAC Hills.
DAMAC Properties general projects manager Mohammed Tahaineh said: “We are delighted to announce the awarding of these two significant contracts for DAMAC Hills.
“These contracts underscore our unwavering commitment to delivering on our promises of excellence and luxury. We believe that Gems Estates Cluster and Cavalli Villas will set new standards in upscale living, offering our customers unparalleled value and quality.”
In June this year, DAMAC International submitted a planning permission application for a new housing development to the Town of Surfside in Florida, US.
