Damac awards $120m Jeddah contract
Dubai, July 4, 2010
Damac Properties said it has awarded a SR450 million ($120 million) contract to Drake and Scull International Centre for construction of its key Al Jawharah project in Jeddah, Saudi Arabia.
The project will see teams mobilise on site within weeks to complete the construction of the 42 storey building in around 28 months, said a stataement from Damac. The new contract comes after the completion of enabling works on the site, it added.
Located on the Jeddah Corniche alongside the Red Sea, Al Jawharah will be a spectacular residential tower offering luxurious five bedroom penthouses and apartments ranging from one to four bedrooms.
Damac general manager Ziad El Chaar said, 'This is a significant contract award for us and we are delighted to be working with Drake and Scull who share our vision for the dynamic and dramatic design of Al Jawharah tower.'
'We are working with Drake and Scull on a number of our projects in Dubai and this project in Saudi Arabia will further strengthen our working relationship,' he noted.
‘This contract award also underlines our steadfast commitment to the Saudi real estate market and further demonstrates that we continue to look ahead and make plans to progress as a company,’ he added.
Al Jawharah, he said, will be set in beautiful landscaped surroundings with a grand reception area featuring a double height lobby and guest lounge. The luxurious apartments will boast fixtures and fittings including modern kitchens and large balconies to make the most of the views on offer.
El Chaar pointed out that Jeddah was the commercial capital of Saudi Arabia and was gaining a growing reputation as a recreational and tourist centre.
'The fact that we are starting construction at a significant time with Saudi Arabia poised to be one of the fastest growing markets during the next three years is important,' he added.
Many indicators point to Saudi being one of the markets most likely to see price increases in the next 12 months and this coupled with Jeddah’s growing popularity and importance as a business hub means that developments like Al Jawharah which combine luxury, style and location will be hugely sought after.
‘With its prime location at the corner of the Corniche Road, the building is set to become a focal point with its twisting architecture and stunning diamond like design. We know that it will be a great addition to the Corniche skyline,’ he added.-TradeArabia News Service