(Correction to remove error in second sentence to state, The developer launched the new five-tower property, not five-star property)
02 May 2017
Dubai-based developer Damac Properties PJSC plans to tender main construction for its Golfotel hotel in the third quarter of this year, a company executive said.
The developer launched the new five-tower property at the Arabian Travel Market in Dubai last week.“We have the design approved, we have Escrow accounts established, and we’re now starting the sales of this product,” Niall McLoughlin, senior vice president, Damac Properties, told Thomson Reuters Projects.
“We should have the tender out in Q3 2017,” he said, without disclosing the value of the development.
The project will feature over 2,000 rooms overlooking the Trump World Golf Club in Dubai, which is set within Damac’s 55-million square foot Akoya Oxygen master plan. The Trump World Golf Club Dubai is an 18-hole championship standard course designed by American golfer Tiger Woods.
The Golfotel project is expected to complete in 2021, McLoughlin said.
Damac also plans to issue the main construction tender for its four-tower Aykon City development this year.
“We’re doing the piling works at the moment; the tender should be (issued) in the second half of the year,” McLoughlin said.
In February, Reuters reported that Damac Properties’ full-year 2016 net profit was 3.69 billion UAE dirhams ($ 1 billion), down from 4.51 billion UAE dirhams ($ 1.23 billion) in 2015. The developer reported a net profit of 854.6 million UAE dirhams ($ 232.7 million) for the three months to December 31, 2016, Reuters calculated in the absence of a quarterly breakdown. This was up from 844 million UAE dirhams reported for the year-ago period.
As of 31st December 2016, Damac Properties has delivered approximately 17,900 homes, the company said in a statement.
The company has a development portfolio of over 44,000 units at various stages of progress and planning, comprising more than 13,000 hotel rooms, serviced apartments and hotel villas, which will be managed by its hospitality arm, Damac Hotels and Resorts.
© Zawya 2017