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DAMAC Aims To Start Akoya Oxygen Handovers This Year

DAMAC Properties has now spent around AED 5.6 billion on the Akoya Oxygen project and aims to start handovers by the end of the year.

The news came as the UAE-based developer awarded an AED 72 million contract for road and infrastructure work on the project to China State Construction Engineering Corporation (CSCEC).

“We are pleased to further strengthen our relationship with CSCEC, as we accelerate development in almost every part of our largest master community, which will start to welcome its first residents at the end of 2018,” said Ali Sajwani, General Manager of Operations at DAMAC Properties.

“This latest contract award to CSCEC will see major road and infrastructure work being carried out at three clusters within Akoya Oxygen, providing access and services to support 1,623 villas.”

Akoya Oxygen is located off the Umm Suqeim Road and is designed to be a family-friendly community with landscaping and water features. Damac says homes are being built with energy-efficient materials and will be equipped with smart controls and systems.

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At AED 550m, Danube Lawnz Is Developer’s Biggest Project Ever

Danube Properties has launched its largest development to date, the AED 550 million Danube Lawnz in Dubai International City.

Danube Lawnz will bring 1,064 studio, one and two-bedroom apartments units to market, taking Danube’s portfolio to 4,744 units completed or under development.

Construction is scheduled to start this year with completion expected in 2020.

“This is our biggest project so far that will add 1,064 units to our existing portfolio and we are all excited to launch the project at the International City that has a very vibrant community,” said Rizwan Sajan, founder chairman of Danube Group.

“This is our second project launch this year and comes after three months of the launch of the AED300 million Jewelz that adds 463 units offering more than 15 percent return on investment, which has been a runaway success in terms of sales.

“The launch of such a large project at such a crucial time reflects our confidence in Dubai’s real estate market, which will continue to grow due to the attractiveness of Dubai and the UAE as a major investment destination.”

Danube has handed over 831 properties since it entered the development market in 2014. Handovers include 302 units in Glitz Residences 1 and 2, 358 in Glitz Residences 3 and 171 at Dreamz. Another 870 units are scheduled to he handed over to buyers this year.

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Nakheel’s Investment In Deira Islands Reaches AED 5.8 Billion

Nakheel’s investment in Deira Islands has reached AED 5.8 billion with the announcement of plans to build an AED 447 million, 12-lane bridge connecting Deira Islands to the Dubai mainland.

Formerly known as Palm Deira, the offshore reclamation project was rebranded and relaunched in 2013 after a lull in development following the global financial crash in 2008.

Projects announced on Deira Islands so far include Deira Islands Night Souk, Deira Mall and the RIU, Vienna House Deira Beach and Centara resorts.

The bridge work will be supervised by the Roads & Transport Authority (RTA) with construction work carried out by Wade Adams Contracting. The 600-metre bridge will provide the main access point into the new, 15.3 square kilometre waterfront city. Work on the bridge began in May and is scheduled for completion in Q2 2020.

“We thank the RTA for its ongoing assistance and co-operation for our transport links at Deira Islands, where we have now invested more than AED 8.5 billion in infrastructure and construction contracts, with more on the way,” said Ali Rashid Lootah, Chairman of Nakheel.

Nakheel says Deira Island will house 250,000 residents, create 80,000 new jobs and add 40 km of new coastline to Dubai.

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Nakheel And Austrian Developer To Build USD 160 Million Dubai Resort

Nakheel plans to team up with Austrian hotel chain Vienna House to create a USD 160 million, 600-room beach resort in Dubai.

Under a planned partnership, the two companies will build a beachfront holiday complex, Vienna House Deira Beach, at Deira Islands, a series of artificial islands built off the Northern coast of Dubai.

The agreement is still at the letter of intent stage, but if it goes ahead, this will be the third hospitality joint venture at Deira Islands. Nakheel says it already has 1,400 hotel rooms underway at the destination through JVs with Spain’s RIU Hotels and Resorts and Thailand’s Centara Hotels and Resorts.

“Our ongoing strategy is to bring new, highly-reputable hospitality brands and concepts to Dubai as part of our commitment to supporting the government in realising its tourism vision,” said Nakheel Chairman Ali Rashid Lootah. “Vienna House at Deira Islands will be a shining example of how this strategy is coming to fruition.”

Nakheel has big plans for Deira Islands, which were originally intended to be Dubai’s third Palm, after Palm Jumeirah and Palm Jebel Ali.

The developer plans to build eight hotels and resorts at Deira Island, across different categories including five star and all-inclusive, along with two flagship attractions, Deira Mall and Deira Islands Night Souk.