Wednesday, September 28, 2011

Damac to deliver maximum property units in UAE in 2011

Damac Properties, leading luxury developer, during the ongoing Cityscape Global 2011, announced that it has delivered more number of units in the UAE, that delivered by any other developer this year.

Having completed 21 buildings comprising nearly 4,072 units till date this year, Damac mentioned that its primary focus has always been construction and delivery.

Speaking during the event, the Senior Vice President of Damac, Niall Mc Loughlin, pointed out that no other developer in Dubai has been able to sustain the high standards of quality and quantity of construction that Damac has accomplished so far, despite the onset of recession.

Damac has completed a total of 36 buildings, with 7,364 units, ever since its establishment in 2002. Among these completed buildings, at least 30 have been completed after the onset of recession in 2008.

The notable handovers in 2011 by Damac are the 84-storey luxurious Ocean Heights tower in Dubai Marina, comprising 612 units handed over at the start of this year. This was shortly followed by delivery of ‘Lago Vista’ at I.M.P.Z, comprising 1020 units.

Mc Loughlin pointed out that Damac has a track record of having constructed atleast 15 units a week since its incorporation. Being a company which has been in operation for less than ten years, Damac has achieved considerable milestones.

The major projects completed by Damac since the onset of recession in 2008 are The Crescent, Ocean Heights, Emirates Garden, Business Tower, Lago Vista, XL Tower, Park Towers, Smart Heights, and Tuscan Residence.

There have been improved sales enquiries since the end of Ramadan. The developer feels that this could be partly due to increased investor confidence in the region, and also due to selection of quality inventory by Damac.

Apart from the completed projects portfolio, the developer has another 50 buildings, comprising 9849 units, under construction, across the region.

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