Monday, September 24, 2007

Damac eyes overseas markets

damac holdings
Damac Holding, the private property developer of Damac Properties, plans to develop substantial portfolio of overseas master developments, revealed the Chairman of Damac Holding, Hussain Sajwani.

Sajwani mentioned that the company already holds a major land bank in Saudi and Egypt, and has been planning to launch major mixed-use development.

The company has already launched 79 individual towers worth $18billion, which covers Lebanon, Jordan, Qatar, UAE, and Saudi Arabia. The only master development of the company till date is the Gamsha Bay project, worth $35 to $40 in Egypt.

Sajwani revealed that the company is currently on discussion with a number of governments in overseas countries regarding building master developments. Different markets have different constraints and opportunities. For instance, Qatar Government wants their own companies to act as master developer, limiting the opportunities for companies such as Damac, and hence the company is planning for only single projects there. On the other hand, certain other countries such as Egypt, has large land bank, and hence Gamsha Bay project has been the outcome there, mentioned Sajwani.

Damac is currently eyeing untapped markets such as India, Turkey, Pakistan, and North Africa. Sajwani told that these markets will be closely looked into during 2008, although this would require crossing major hurdles such as identifying suitable land plots and overseas bureaucracy.

Sajwani was of the opinion that although India has a major potential, the task of being able to secure a big piece of land in a good location for a big development could be time consuming.

As far as the domestic market is concerned, Dubai still plays a leading role and represents a major chunk of sales for Damac, agrees Sajwani. Currently Damac is in the process of launching new projects in the domestic markets and has already launched 16 projects during the past seven months, and is now planning to deliver two towers in the Jumeirah Lakes Towers master development towards the initial phase of next year.


Anonymous said...

How fantastic, Damac can now move to other countries to artificially inflate property prices, leaving those that purchase properties costing double what they are worth, 2 years later than scheduled of course!
Has anyone ever managed to resale a property in Dubai? - No did not think so.

Anonymous said...

yes, those who sold earlier got profits. Now resale and taking profit little bit difficult and this may get also worse in next year!

An Anonymous saying