Damac Akoya Oxygen construction spend tops $1.5 billion

Real estate developer expects to begin delivering properties at the end of this year

Dubai, United Arab Emirates, June 11, 2018

By awarding a major $20 million road and infrastructure contract, Damac has announced construction related spending at its upcoming flagship project, Akoya Oxygen, has now topped $1.5 billion.

The project awarded to China State Construction Engineering Corporation (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, said Ali Sajwani, General Manager of Operations at DAMAC Properties.

“We are accelerating development in almost every part of our largest master community which will start to welcome its first residents at the end of 2018,” he added.

Damac’s Akoya Oxygen, adjacent to the Trump International Golf course designed by Tiger Woods, is being developed over 55 million square-foot and will begin delivering properties by the end of the year, according to a statement by the developer.