Tuesday, December 26, 2017

Danube awards Dubailand residential project contract

Danube Properties, a Dubai-based property developer, has awarded a Dh221-million ($60.1 million) contract to Naresco Contracting for the construction of its residential project, Miraclz Tower, located near Miracle Gardens at Arjan district of Dubailand that will host 599 units including 591 apartments.

Owned by Abdulla Abdulkarim Al Arif, Naresco Contracting has been in the construction industry since 1986.

A member of Abdulla Al Arif Investment, Naresco is now in the process of completing Glitz Residence 3 for Danube which is getting ready for handover in a few weeks’ time.

As per the contract, Naresco will deliver the project delivered by the end of 2019.

Danube Properties, part of Dubai-based diversified conglomerate Danube Group, has launched nine residential projects, of which two have been delivered, two are getting ready for delivery while four others are at various stages of construction and one in tendering stage.

The Dubai developer had awarded five construction-related contracts worth more than Dh381 million  in 2017 – a year it started delivering homes – part of the Dh2.84 billion portfolio.

Besides the Naresco contract, Danube has also awarded a Dh146 million contract to Dubai Walls Construction for the main construction package for the Resortz project. The 17-month contract will see the project gets ready for occupancy by the second quarter of 2019.

Resortz will host 444 units including 419 apartments, 25 retail outlets, landscaped environment that appears more like a five-star resort, than a residential compound, said the developer in a statement.

Prior to that, Danube Properties has awarded a Dh10 million piling and shoring contract to Atlas Foundation for Miraclz Tower and a further Dh4 million piling and shoring contract for Resortz project.

Atif Rahman, the director and partner of Danube Properties, said: "These construction contracts reflects our deep commitment to our largest stakeholders – our valuable property buyers and investors – who have put their trust and hard-earned life savings in our projects to receive the keys to their dream homes."

"Since launching its first project in 2014, Danube has been able to deliver two projects involving 302 residential units, worth Dh270 million – part of the company’s Dh2.84 billion-strong portfolio. In the next few weeks, we are preparing to deliver 525 residential units, including 171 townhouses and 354 apartments," he added.-TradeArabia News Service

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