Luxury lifestyle developer Damac Properties has awarded the main contract for the construction at its 42-storey Al Jawharah project in Jeddah. After the completion of enabling works on site, Drake and Scull International Centre for Contracting Ltd has been awarded the main contract worth SR450 million. Work will start within weeks, and would be completed in 28 months according to plan. Located on the Jeddah Corniche alongside the Red Sea, Al Jawharah will be a spectacular residential tower offering luxurious five bedroom penthouses and apartments ranging from one to four bedrooms. The total area for the building will be 86,196 sq. General manager of Damac Properties Ziad El Chaar said: “This contract award underlines our steadfast commitment to the Saudi real estate market and further demonstrates that we continue to look ahead and make plans to progress as a company.” Al Jawharah will be set in beautiful landscaped surroundings with a grand reception area featuring a double height lobby and guest lounge. The luxurious apartments will boast fixtures and fittings including modern kitchens and large balconies to make the most of the views on offer. El Chaar added: “Jeddah is the commercial capital of Saudi Arabia and is gaining a growing reputation as a recreational and tourist centre. The fact that we are starting construction at a significant time with Saudi Arabia poised to be one of the fastest growing markets during the next three years is important.” “Many indicators point to KSA as being one of the markets most likely to see price increases in the next 12 months and this coupled with Jeddah's growing popularity and importance as a business hub, means that developments like Al Jawharah which combines luxury, style and location will be hugely sought after.” Construction progress has continued at developments across the Middle East with nearly 4,000 units due to be handed over to customers in Dubai by the end of the year. This will include Damac's flagship super tall structure Ocean Heights at Dubai Marina and also the company's prestigious twin tower development at DIFC, Park Towers. Altogether there are more than 12,000 units under construction across the GCC with the company aiming to hand over a total of six buildings during the second half of 2010. El Chaar further said “this latest contract award in Saudi Arabia is just typical of the strides we have been making as a company across the Middle East this year. We feel there is no better indication we can give customers of our commitment than to continue to show progress on a range of projects across a range of countries.” “As a company, we have continued to maintain our business plans and to ensure that we are performing and developing on many levels, he added.
