Arabtec unit wins $49m Dubai villas contract
Abu Dhabi, June 23, 2013
Leading UAE builder Arabtec Holding said its specialist home construction unit, Arabtec Living, has been awarded a Dh179 million ($49 million) contract for the development of the third phase of Dubai Silicon Oasis (DSO) Cedre Villas project.
The 53,000 sq m extension will be completed over a period of 15 months, and will add 160 villas to the Cedre Villas Complex, said a statement from Arabtec.
Commenting on the win, CEO and managing director Hasan Abdullah Ismaik said: "We are pleased to partner with DSO Authority once again on the third phase of this key residential project. Repeat business accounts for about 60 per cent of our backlog, further testifying to the trust customers place in the quality of our work and unique expertise in the construction of specialised projects."
This new contract is further testament to Arabtec Living’s established reputation in the residential villa sector, he stated.
"We look forward to delivering this expansion phase of this project as per committed timelines and high standards, further strengthening our collaboration with Dubai Silicon Oasis in creating a new landmark community for Dubai residents," he added
Arabtec, he said, has delivered more than 13,000 villas in the last decade alone, providing high quality homes for about 50,000 people. It is currently building another 8,000 villas in the UAE and across the region.
The total gross value of contracts awarded to Arabtec in 2013 soared to nearly Dh13 billion, with a backlog of projects that are on-going or in initial stages valued at nearly Dh20.4 billion by the end of the first quarter of 2013.
According to Ismaik, the previous two phases of The Cedre Villas development project were built by Arabtec with the second phase completed in 2010.
"This third phase will feature 2-storey villas offering a total built up area of 3,800 square feet. The extension brings the total number of villas to 1,207," he explained.
Cedre Villas is part of a comprehensive urban community at DSO that combines office towers, research and development (R&D) and industrial zones, educational institutions, luxury apartments, villas, hotels, healthcare facilities and a wide range of lifestyle options to create a dynamic commercial and social environment.-TradeArabia News Service