Wednesday, December 06, 2006

Damac Properties blames the contractors

Damac Properties has laid the blame on master plan developers and contractors for delaying in its various projects.

Damac Properties says, its project Lake Terrace is not likely to be delivered for the next 12 months. Similarly its Dh2 billion worth project, La Residence at the Lotus, the company's first residence tower in Business Bay is due for completion in 40 months.

The project is in the shape of lotus and has four towers, of which Damac launched the first 58-storey development at a square foot price of Dh970. Damac plans to spread its wings to two to three countries in the Middle East next year.

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