Tuesday, May 20, 2008

Damac delivers 572 units of Lake Terrace project

Damac, the leading Dubai-based developer has announced the completion and hand-over of 572 units of its Lake Terrace project at the Jumeirah Lake Towers. This marks their first step in handing over of around 16 projects by 2010.

Damac is expected to deliver five projects in 2008 and 11 projects in 2009 - 2010.

Damac Chairman, Hussain Sajwani, said "The year 2007 witnessed a slower pace of completed projects with only 11000 units being handed over our of the 57000 units across the region. The region has been facing a steep challenge in delivery of projects due to shortage of quality contractors and rise in costs of construction material."

Damac will deliver more than 2300 new units in 2008 and we expect to deliver an additional 7100 units in 2009-2010, he added.

Followed by the delivery of 572 units in Lake View at Jumeirah Lake Towers in 2008, the company plans to deliver 192 units in Executive Heights at Tecom, 198 units in Tera Del Sol 1 and 2, and 848 units at The Crescent at IMPZ.

Sajwani revealed that nearly 2100 projects are planned or are underway in the Gulf region, with more than 23 percent of these in Dubai.

"The property boom in the region, particularly Dubai, has outgrown the region's capabilities to develop projects on time. The delivery of out Lake Terrace projects is a major step towards our commitment on timely completion of projects," he added.

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