Damac awards $171m villas contract to Arabtec Construction

expat network

Damac awards $171m villas contract to Arabtec Construction

Damac Properties, a leading luxury real estate developer in the region, awarded Arabtec Construction LLC with a AED 628 million contract to develop 1,296 villas at Damac’s AKOYA Oxygen master development. Arabtec will begin construction in Q3 2017 at the 55-million-square-foot green development in Dubailand, and is expected to complete the project within 24 months.

“Damacalways chooses to partner with leading contractors and consultants who have a proven track record for delivering quality and efficiency. With Arabtec, we are confident that the momentum and steady progress at AKOYA Oxygen will remain on track right through to project completion,” said Mohammed Tahaineh, Senior Vice President – Commercial at Damac Properties.

AKOYA Oxygen offers a tranquil environment with lush, green surroundings in a secluded, family-friendly community. Energy-efficient homes are surrounded by beautiful landscaping and cascading water features.

Located off the Umm Suqeim Road extension and approximately 15 minutes from Damac Hills, AKOYA Oxygen will include contemporary residential properties of various sizes surrounding an 18-hole championship golf course, along with an organic produce market, hydroponic café, luxury wellness centre, outdoor yoga enclave and retail outlets featuring well-known brands.

About Damac Properties

Damac Properties was established in 2002 as a luxury real estate developer providing unrivalled living experiences in Dubai, UAE. The Company has grown to become one of the foremost luxury developers with projects spanning the GCC, the wider Middle East and the United Kingdom.

They now develops multi-million square-foot golf course communities, high-end and high-rise private apartment towers, ‘limited edition’ living experiences with global brands such as Versace, Fendi and Bugatti, as well as operating and managing serviced hotel apartments and fully-fledged five star hotels in collaboration with Paramount Hotels & Resorts.

Source: www.damacproperties.com

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.