Damac's Business Bay projects make good progress
Sunday, February 07, 2010
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Damac Properties, the luxury lifestyle developer, said that the enabling works at two of its developments - Water's Edge and Commercial Square at the Business Bay are making good progress, with the main contracts to be awarded in spring this year.
The Commercial Square is a 21 storey office tower, while Water's Edge is a 20 storey commercial waterfront development located at the heart of Business Bay.
Both the developments are now under construction with contractors already making good progress on shoring, fencing, ground clearance activities, said Damac.
The General Manager of Damac Properties, Ziad El Chaar, said that the progress of work at Business Bay locations is a further indication about the continued commitment by the company to construct and develop plans for 2010.
Last year, Damac completed two of the four commercial projects at Business Bay, namely, the XL Tower and the Business Tower. These are likely to be completed by first half of 2010.
With several projects already underway at Business Bay, the good progress make by the two projects of Damac in the their early stages, no-doubt leaves a positive note, said El Chaar.
The Commercial Square is a 21 storey office tower, while Water's Edge is a 20 storey commercial waterfront development located at the heart of Business Bay.
Both the developments are now under construction with contractors already making good progress on shoring, fencing, ground clearance activities, said Damac.
The General Manager of Damac Properties, Ziad El Chaar, said that the progress of work at Business Bay locations is a further indication about the continued commitment by the company to construct and develop plans for 2010.
Last year, Damac completed two of the four commercial projects at Business Bay, namely, the XL Tower and the Business Tower. These are likely to be completed by first half of 2010.
With several projects already underway at Business Bay, the good progress make by the two projects of Damac in the their early stages, no-doubt leaves a positive note, said El Chaar.
Labels: Business Bay, Damac Properties
Damac's Ocean Heights stands 70 storeys high
Tuesday, August 18, 2009
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Damac Properties, the luxury lifestyle provider, has announced that its iconic 'Ocean Heights' development is nearing 70 storeys in height, and that the development will be completed within a year.
This indicates the Damac's determination on construction and delivery of the skyscraper, which is finally expected to house 84 storeys.
Located at the entrance to Dubai Marina along the Al Sufouh Road, the structure is all set to be one of the most iconic buildings in the area, and is already towering above all other structures in the vicinity, with its twisting architectural design that now more evident.
The main contractor of the project, Arabtec, is completing one storey every week. The Alumco is installing the external blue glass cladding on the building. The electric wiring and cabling works inside the tower have reached the 60th floor, while the interior plastering and painting have reached floor 55.
The CEO of Damac, Peter Riddoch, remarked that the progress made by Ocean Heights project is a great testament to the tremendous team work happening on site.
Damac is on-track to complete the building, and this demonstrates the team work by all staff and contractors, he pointed out.
On completion, Ocean Heights will feature 680 apartments ranging from single to triple bedrooms, and 'Signature Series penthouse range', the ultimate luxury apartments with latest in hi-tech gadgetry and luxurious home comforts. The first penthouse floor is just been constructed at floor 67.
Apart from offering stunning individual homes, Ocean Heights will offer communal outdoor leisure deck, complete with pool, gymnasium, steam rooms, views of the Palm and Atlantis. There will be good accessibility with nearby links to the Dubai Metro and the range of leisure amenities and shops of the Marina on hand.
Ocean Heights is the third project at Dubai Marina, to be completed by Damac Properties. This will be followed by Damac Heights, another super tall structure due for completion in 2013.
According to the General Manager-Operations at Damac, Ziad El Chaar, the Marina continues to be prime location for people seeking for investment in property in Dubai.
"We hope the two iconic buildings, coupled with our already completed projects like The Waves and Marina Terrace, offers great opportunities to customers with a range of various options," he pointed out.
Ocean Heights is expected to be completed by the end of the year, contributing to the Damac Properties triology at Dubai Marina by next summer, El Chaar confirmed.
This indicates the Damac's determination on construction and delivery of the skyscraper, which is finally expected to house 84 storeys.
Located at the entrance to Dubai Marina along the Al Sufouh Road, the structure is all set to be one of the most iconic buildings in the area, and is already towering above all other structures in the vicinity, with its twisting architectural design that now more evident.
The main contractor of the project, Arabtec, is completing one storey every week. The Alumco is installing the external blue glass cladding on the building. The electric wiring and cabling works inside the tower have reached the 60th floor, while the interior plastering and painting have reached floor 55.
The CEO of Damac, Peter Riddoch, remarked that the progress made by Ocean Heights project is a great testament to the tremendous team work happening on site.
Damac is on-track to complete the building, and this demonstrates the team work by all staff and contractors, he pointed out.
On completion, Ocean Heights will feature 680 apartments ranging from single to triple bedrooms, and 'Signature Series penthouse range', the ultimate luxury apartments with latest in hi-tech gadgetry and luxurious home comforts. The first penthouse floor is just been constructed at floor 67.
Apart from offering stunning individual homes, Ocean Heights will offer communal outdoor leisure deck, complete with pool, gymnasium, steam rooms, views of the Palm and Atlantis. There will be good accessibility with nearby links to the Dubai Metro and the range of leisure amenities and shops of the Marina on hand.
Ocean Heights is the third project at Dubai Marina, to be completed by Damac Properties. This will be followed by Damac Heights, another super tall structure due for completion in 2013.
According to the General Manager-Operations at Damac, Ziad El Chaar, the Marina continues to be prime location for people seeking for investment in property in Dubai.
"We hope the two iconic buildings, coupled with our already completed projects like The Waves and Marina Terrace, offers great opportunities to customers with a range of various options," he pointed out.
Ocean Heights is expected to be completed by the end of the year, contributing to the Damac Properties triology at Dubai Marina by next summer, El Chaar confirmed.
Labels: Damac Properties, Dubai Marina
Damac's Lago Vista development on-track for completion
Thursday, July 30, 2009
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Damac Properties has announced that structural works of all three towers of its Lago Vista development at the International Media and Production Zone (IMPZ) have been completed.
Lago Vista is the second project to be completed by Damac at IMPZ, following the completion of The Crescent, a three tower development, early this year.
The Lago Vista development features two 25 storey towers and a 28 storey tower, with studios, single and double bedroom apartments. Due for completion during spring of next year, with work-on-site progressing at a rapid pace, explained Peter Riddoch, CEO of Damac.
He added that the structural work at the development is now complete with the domed roof work under progress in two of the three towers.
According to Riddoch, the advanced level of progress of Lago Vista is a proof to all commitment and spirit of teams on-site.
"It is indeed pleasing to note that Lago Vista is entering its final stages of construction, and will be the main focus for the contractors, when seeking completion of the building during early part of next year", Riddoch said.
Lago Vista has a good Mediterranean-themed façade, accompanied by distinctive domed roof. The building features GRC cladding with apartments offering good views across the surround landscape and man-made lake.
The General Manager-Operations at Damac, Ziad El Chaar, mentioned that Lago Vista is well-positioned to take advantage of most of the facilities at the forthcoming Dubailand complex and the nearby Sports City.
The IMPZ is an initiative by the Dubai Government aimed to create a unique cluster environment for media production companies from across the globe to interact and collaborate effectively. IMPZ will grow to be a great community with the easy access of the Emirates Road lying in proximity to offer good connectivity to other parts of Jebel Ali and Dubai. IMPZ is a part of Dubai's vision to develop itself into a global media hub.
Lago Vista is the second project to be completed by Damac at IMPZ, following the completion of The Crescent, a three tower development, early this year.
The Lago Vista development features two 25 storey towers and a 28 storey tower, with studios, single and double bedroom apartments. Due for completion during spring of next year, with work-on-site progressing at a rapid pace, explained Peter Riddoch, CEO of Damac.
He added that the structural work at the development is now complete with the domed roof work under progress in two of the three towers.
According to Riddoch, the advanced level of progress of Lago Vista is a proof to all commitment and spirit of teams on-site.
"It is indeed pleasing to note that Lago Vista is entering its final stages of construction, and will be the main focus for the contractors, when seeking completion of the building during early part of next year", Riddoch said.
Lago Vista has a good Mediterranean-themed façade, accompanied by distinctive domed roof. The building features GRC cladding with apartments offering good views across the surround landscape and man-made lake.
The General Manager-Operations at Damac, Ziad El Chaar, mentioned that Lago Vista is well-positioned to take advantage of most of the facilities at the forthcoming Dubailand complex and the nearby Sports City.
The IMPZ is an initiative by the Dubai Government aimed to create a unique cluster environment for media production companies from across the globe to interact and collaborate effectively. IMPZ will grow to be a great community with the easy access of the Emirates Road lying in proximity to offer good connectivity to other parts of Jebel Ali and Dubai. IMPZ is a part of Dubai's vision to develop itself into a global media hub.
Labels: Damac Properties
Damac announces Dh2bn worth construction contracts for 2009
Wednesday, May 06, 2009
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Damac Properties has announced plans to award Dh.2bn worth construction contract this year, with an aim to deliver an additional 7100 units by the end of next year.
Damac also announced successful completion of 500 storey across all its projects in Dubai.
The Chairman of Damac Holding, Hussain Sajwani, said "Our focus for 2009 and 2010 is construction and delivery. We plan to give away Dh.2bn worth contracts for construction of ten new projects. Damac has already achieved a milestone by completing 500 floors of residential, commercial and retail units so far, and we plan to double this number soon."
Last year, the company had awarded Dh.2.5bn worth of contracts. This year, majority of the contracts awarded will be main contracts.
Damac has already delivered about 2300 units during the past six months and is considering an aggressive delivery plan during the next two years. This includes plan to deliver 25 towers by the end of 2009.
The developer is currently focussing on full-fledged construction. Damac has already completed enabling works at the Lincoln Park at Arjan, Dubailand. The XL Tower at Business Bay has reached the third storey, while the Smart Heights has reached half-way point of construction at 15 floors. External cladding and painting has already begun at Emirates Garden in Jumeirah Village, while the company has completed the enabling works for Executive Bay development at Business Bay.
Damac also announced successful completion of 500 storey across all its projects in Dubai.
The Chairman of Damac Holding, Hussain Sajwani, said "Our focus for 2009 and 2010 is construction and delivery. We plan to give away Dh.2bn worth contracts for construction of ten new projects. Damac has already achieved a milestone by completing 500 floors of residential, commercial and retail units so far, and we plan to double this number soon."
Last year, the company had awarded Dh.2.5bn worth of contracts. This year, majority of the contracts awarded will be main contracts.
Damac has already delivered about 2300 units during the past six months and is considering an aggressive delivery plan during the next two years. This includes plan to deliver 25 towers by the end of 2009.
The developer is currently focussing on full-fledged construction. Damac has already completed enabling works at the Lincoln Park at Arjan, Dubailand. The XL Tower at Business Bay has reached the third storey, while the Smart Heights has reached half-way point of construction at 15 floors. External cladding and painting has already begun at Emirates Garden in Jumeirah Village, while the company has completed the enabling works for Executive Bay development at Business Bay.
Labels: Construction Projects, Damac Properties
Damac signs 10 new projects worth Dh2bn for 2009
Friday, March 20, 2009
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Damac Properties, UAE's largest private sector developer, has announced plans to sign Dh.2bn worth contracts this year, which includes construction of 10 new towers, to take advantage of the current low construction costs and overheads.
A top official of the company revealed that towards the end of this year, the company will sign contracts worth Dh.2bn for construction of 10 projects.
The cost of construction materials have declined considerably over the past couple of months, owing to lesser demand. Contractors are now in search of fresh projects, as several projects have been shelved due to recession. Few of them are even willing to work at cost prices, to save jobs and continue their businesses.
This situation is an opportunity for developers. Developers who had been selling properties at higher prices till last year, can generate more profits by signing new projects now, when constructions costs are lower, the official said.
The Damac CEO, Hussain Sajwani, says "We are well aware of the market condition, and hence are focusing on deliveries. We would like to begin construction of all remaining projects, before the market rises by early next year."
The company already delivered 2300 units during the last six months, and hopes to deliver 7,100 units more by the end of 2010. The company has already sold 10 projects and plans to deliver 25 more projects, by end of next year.
By adhering to timely deliveries, the company plans to bring back investor confidence in the market. According to Sajwani, the market may see an upturn by the end of this year.
A recent survey by Ernst & Young, on companies managing their businesses in the event of global economic slowdown, about 74 percent of the companies were found focused on "securing the present".
Although, it may sound perverse, the period of crisis can actually be an opportunity to drive change more rapidly and effectively, than during a period of prosperity, the report suggests.
A top official of the company revealed that towards the end of this year, the company will sign contracts worth Dh.2bn for construction of 10 projects.
The cost of construction materials have declined considerably over the past couple of months, owing to lesser demand. Contractors are now in search of fresh projects, as several projects have been shelved due to recession. Few of them are even willing to work at cost prices, to save jobs and continue their businesses.
This situation is an opportunity for developers. Developers who had been selling properties at higher prices till last year, can generate more profits by signing new projects now, when constructions costs are lower, the official said.
The Damac CEO, Hussain Sajwani, says "We are well aware of the market condition, and hence are focusing on deliveries. We would like to begin construction of all remaining projects, before the market rises by early next year."
The company already delivered 2300 units during the last six months, and hopes to deliver 7,100 units more by the end of 2010. The company has already sold 10 projects and plans to deliver 25 more projects, by end of next year.
By adhering to timely deliveries, the company plans to bring back investor confidence in the market. According to Sajwani, the market may see an upturn by the end of this year.
A recent survey by Ernst & Young, on companies managing their businesses in the event of global economic slowdown, about 74 percent of the companies were found focused on "securing the present".
Although, it may sound perverse, the period of crisis can actually be an opportunity to drive change more rapidly and effectively, than during a period of prosperity, the report suggests.
Labels: Damac Properties
Damac's new futuristic tower at TECOM, completes 15-storeys
Thursday, March 12, 2009
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Damac Properties will be adding a new futuristic tower to the TECOM skyline, with its Smart Heights development already half-way towards completion. Featuring the latest in office technology and gadgetry, the Smart Heights tower has reached its 15th storey, and is on schedule to hit the final 21st storey, by end of this year.
The project has ECC as their main contractors. The other project by Damac at TECOM is the Executive Heights project, which saw completion in 2008.
Covering 288,000 square feet of office space, the Smart Heights has all the 21 storeys of the project, being either leased or purchased. Among the smart facilities included in the project, are the security card access control, automated boardrooms, energy efficient lighting systems, touch pad request screens for elevators with LCD response panels.
The electrical, mechanical and plumbing works are underway at Smart Heights, so that all wiring, pipes and cabling is well-integrated, and contracts for internal fixtures and fittings, such as lighting, signage and sanitary ware are in the process of being handed-over.
According to Hussain Sajwani, the Chief Executive of Damac, offering the latest technology is now a necessity for developers, and that office locations in Dubai had to differentiate themselves this way.
TECOM is hoped to be a vibrant business community, and will be a great location for companies offering excellent access to both Al Khail Roads and Sheikh Zayed Road, apart from TECOM metro station, which will be at just a walking distance of few minutes.
Sajwani added that Smart Height will be unique not only for its futuristic design, but also for its modern technology. Apart from 21 office storeys, the building will have a day-care center health club and outdoor swimming pool to relax after a hectic day at work, al l situated within the lush landscape surroundings.
Labels: Construction Projects, Damac Properties
Damac unveils XL Tower at Business Bay
Tuesday, January 06, 2009
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Damac Properties has announced the launch of 'XL Tower', a modern, elegant commercial tower, located at Dubai's Business Bay.
The tower, which has reached Podium level 3, has been in records for utilizing maximum concrete pour ever, in the company's history, when about 5,500 cubic meters of concrete was poured in less than 25 hours.
Covering 153,000 square feet of space and with 8,700 square feet of retail space at the ground level, including shopping arcade, and covered walkway and parking for staff and customers, the modern, the XL Tower is an apt business location.
The XL Tower is equipped with all modern amenities such as hi-speed internet, 24-hour security cameras, swipe access, parking on 7 levels and 3 basements, swimming pool, gymnasium, aerobics room, outdoor jogging track, cafeteria, and health club.
Speaking about the progress of the tower, CEO of Damac Properties, Peter Riddoch said that being an emerging and most sought-after district for freehold residential and commercial properties, all the 13 properties by Damac at Business Bay, have received commendable response.
He revealed that CSHK Dubai Contracting (LLC), a group member of China State Construction Engineering (Hong Kong) Limited have been appointed as contractors for XL Tower.
So far, about 120 nationalities have purchased properties from Damac Properties, and the property developer has provided good support services. The company offers solutions through its vast regional network with offices location in UAE, Saudi Arabia, Kuwait, Qatar, Iraq, Jordan, Egypt, UK and Lebanon.
The tower, which has reached Podium level 3, has been in records for utilizing maximum concrete pour ever, in the company's history, when about 5,500 cubic meters of concrete was poured in less than 25 hours.
Covering 153,000 square feet of space and with 8,700 square feet of retail space at the ground level, including shopping arcade, and covered walkway and parking for staff and customers, the modern, the XL Tower is an apt business location.
The XL Tower is equipped with all modern amenities such as hi-speed internet, 24-hour security cameras, swipe access, parking on 7 levels and 3 basements, swimming pool, gymnasium, aerobics room, outdoor jogging track, cafeteria, and health club.
Speaking about the progress of the tower, CEO of Damac Properties, Peter Riddoch said that being an emerging and most sought-after district for freehold residential and commercial properties, all the 13 properties by Damac at Business Bay, have received commendable response.
He revealed that CSHK Dubai Contracting (LLC), a group member of China State Construction Engineering (Hong Kong) Limited have been appointed as contractors for XL Tower.
So far, about 120 nationalities have purchased properties from Damac Properties, and the property developer has provided good support services. The company offers solutions through its vast regional network with offices location in UAE, Saudi Arabia, Kuwait, Qatar, Iraq, Jordan, Egypt, UK and Lebanon.
Labels: Business Bay, Commercial Property, Damac Properties
Damac makes steady progress for timely delivery of Ocean Heights project
Saturday, December 27, 2008
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In a bid to deliver its project on schedule, Damac Properties is said to be making steady progress on the 'Ocean Heights Tower' project at Dubai Marina, by completing one floor every 5.2days.
The leading construction contractor, Arabtec, is constructing the 84-storey skyscraper and currently the staffs are successfully delivering one entire floor in little more than five working days, it has been reported.
The Damac CEO, Peter Riddoch, said "Ocean Heights is likely to be one of the most iconic projects with a twisting architectural design, which is now taking shape. People passing by the building at Dubai Marina can catch a glimpse of the "turning" appearance of the building, as it reaches its 30th floor."
He added that, Damac is closely working with Arabtec, and more swift progress could be expected by early 2009 on this iconic building.
On completion, Ocean Heights is likely to house 680 single, double and triple bedroom apartments with underground parking bay. The tower incorporates all necessary amenities such as swimming pool, state-of-the-art gymnasium, beaches, tennis, serene gardens, artificial lakes, and jaccuzi.
The tower enjoys easy access to Jumeirah Beach, Wild Wadi Water Park, Dubai Marina, Ibn Battuta Mall and Emirates Golf Club.
In a bid to deliver its project on schedule, Damac Properties is said to be making steady progress on the 'Ocean Heights Tower' project at Dubai Marina, by completing one floor every 5.2days.The leading construction contractor, Arabtec, is constructing the 84-storey skyscraper and currently the staffs are successfully delivering one entire floor in little more than five working days, it has been reported.
The Damac CEO, Peter Riddoch, said "Ocean Heights is likely to be one of the most iconic projects with a twisting architectural design, which is now taking shape. People passing by the building at Dubai Marina can catch a glimpse of the "turning" appearance of the building, as it reaches its 30th floor."
He added that, Damac is closely working with Arabtec, and more swift progress could be expected by early 2009 on this iconic building.
On completion, Ocean Heights is likely to house 680 single, double and triple bedroom apartments with underground parking bay. The tower incorporates all necessary amenities such as swimming pool, state-of-the-art gymnasium, beaches, tennis, serene gardens, artificial lakes, and jaccuzi.
The tower enjoys easy access to Jumeirah Beach, Wild Wadi Water Park, Dubai Marina, Ibn Battuta Mall and Emirates Golf Club.
Labels: Construction Projects, Damac Properties
Damac's The Crescent development close to completion
Monday, November 24, 2008
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Damac Properties, the leading Dubai-based developer said that their The Crescent project is nearing completion, and is the first project to be finished at the International Media and Production Zone, Dubai.
According to a company statement, the customers are now carrying on final inspections of their apartments, in co-ordination with the Damac Properties Customer Relations Management Team. The occupants can move into their new homes in December.
The completion of 'The Crescent' follows the completion of Lake View project, the second tower to be completed by Damac in Jumeirah Lake Towers.
The Crescent development comprising three storeys is located adjacent to Emirates Road, amidst green landscaping. The development which include studio, single and double bedroom apartments is completely sold out. All apartments are designed with an innovative floor plan so as to catch a glimpse of the wonderful surrounding landscape.
According to Peter Riddoch, the CEO of Damac, this marks a significant step for Damac Properties, and contributes to the double achievement of two of the properties being finished within weeks of each other.
He added that the company is eagerly awaiting to welcome its first residents, while also simultaneously focusing on delivery of their third property Terra Del Sol at Discovery Gardens, which is also due for completion by the end of this year.
Damac Properties awarded a total of Dh.2.5bn worth contracts during the first nine months of this year.
According to a company statement, the customers are now carrying on final inspections of their apartments, in co-ordination with the Damac Properties Customer Relations Management Team. The occupants can move into their new homes in December.
The completion of 'The Crescent' follows the completion of Lake View project, the second tower to be completed by Damac in Jumeirah Lake Towers.
The Crescent development comprising three storeys is located adjacent to Emirates Road, amidst green landscaping. The development which include studio, single and double bedroom apartments is completely sold out. All apartments are designed with an innovative floor plan so as to catch a glimpse of the wonderful surrounding landscape.
According to Peter Riddoch, the CEO of Damac, this marks a significant step for Damac Properties, and contributes to the double achievement of two of the properties being finished within weeks of each other.
He added that the company is eagerly awaiting to welcome its first residents, while also simultaneously focusing on delivery of their third property Terra Del Sol at Discovery Gardens, which is also due for completion by the end of this year.
Damac Properties awarded a total of Dh.2.5bn worth contracts during the first nine months of this year.
Labels: Construction Projects, Damac Properties
Damac's Ocean Heights project completes 14 storeys
Friday, September 12, 2008
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Damac Properties has announced that the Ocean Heights residential tower project has reached its 14th storey, and is well on track.
Being one of the many freehold towers built on the Dubai Marina, Ocean Heights is located opposite the Le Meridian Mina El Seyahi, adjacent to Dubai Marina and Marina Crown. It is an 82 storey tower which is 310 meters in height, comprising 680 apartments.
The Dh.1.5bn freehold residential tower contains single, double, and triple bedroom apartment units, and features 9 units of Signature Series Apartments from the 67th to 75th floor, and duplex apartments from 76th to 81st floor.
Other amenities include an outdoor leisure deck with temperature-controlled swimming pool, sauna, steam room, gymnasium, game room, and children's play area, apart from cafes, juice bars, restaurants, 24-hour concierge, and other housekeeping services.
Labels: Damac Properties, Dubai Marina, Freehold Property
Damac delivers 572 units of Lake Terrace project
Tuesday, May 20, 2008
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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.
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.
Labels: Damac Properties
Damac to continue with construction of Palm Springs
Saturday, April 12, 2008
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Damac Properties has now formally announced the reversal of its decision to stop the Palm Springs project, say media reports.
After the leading Dubai-based developer, cancelled the 25-storey beachfront development project at the Palm Jebel Ali last month, offering the investors with compensation far below the current market value, the investors raised hues and cries about losing millions of Dirhams on their investment.
The tale is said to have created a bad publicity for Damac in major markets which the firm has been seeking to attract investments from, particularly in international markets such as the UK.
Investors have revealed that they received calls from Damac earlier this week, informing them about progressing with the Palm Springs project.
Investors have revealed that they received calls from Damac earlier this week, informing them about progressing with the Palm Springs project.
The project will be located on the new plot provided by master developer Nakheel, with few changes in the building plans.
Damac's Senior Vice President, Niall McLoughlin, in his statement, mentioned that Damac will shortly announce a decision on the project.
Damac had reasoned that the cancellation of the project after five years of launch was due to the "re-development of plots" and that the development could no longer be situated on the re-allocated plot.
This explanation was however questioned back, when Palm Jebel Ali master developer, Nakheel, said it had informed the investors about changes to the masterplan about ten months ago.
About 60 UK-based investors have been threatening Damac to take the matter to court, unless the developer reverses its decision and progresses with the construction work.
About 60 UK-based investors have been threatening Damac to take the matter to court, unless the developer reverses its decision and progresses with the construction work.
The group stormed the London launch of Damac's Jumeirah Village South project, and gave the developer a time-limit until 11th April to change its decision or face legal action.
In the meanwhile, Damac also changed its mind about the cancellation of Haz Tower in Business Bay on Wednesday, after the investors complained about the plans to pull back the project. The Haz Tower worth Dh.240million was launched in July and is now estimated to be about Dh.660mn.
Labels: Damac Properties, Latest News, Palm-Jebel-Ali
Investors express wrath over Damac's back-out
Sunday, March 30, 2008
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Investors of Damac's Palm Springs project on Palm Jebel Ali are enraged about the project being 'bought off' by Damac due to project alternation.
Damac is now planning to 'buy back' its Palm Springs plot on Palm Jebel Ali, five years after its launch. Damac is not in a position to proceed with the construction of the development, without incurring a significant loss as the plans of master-developer seems to have changed.
The Chairman of Damac Holding, Hussain Sajwani, mentioned in his statement said that Damac has been advised that the Palm Jebel Ali master development has been redesigned and the Palm Springs plot will not be delivered.
Due to redevelopment of plots, the Palm Springs development could not be positioned on the re-allocated plot and hence the Palm Springs project has to be cancelled, he added.
He added that, Damac will provide its customers an opportunity to release the investment made in Palm Springs and transfer the money to any of other projects of Damac at a discounted rate of 15 percent below current market value. As an alternative, Damac is ready to refund money paid by customers, with interest.
However, investors claim that Damac is offering only six percent per annum on the sum invested. The investors are considering taking the complaint directly to Ruler's Court, as they are already furious about the repeated project delays, contractual issues and poor customer service by Damac.
The Chief Executive Officer of Dubai's RERA (Real Estate Regulatory Authority), Marwan Bin Galita, said "Any investor with a problem or misunderstanding with developer, please check our website or meet us personally and we will clarify it for you."
Damac is now planning to 'buy back' its Palm Springs plot on Palm Jebel Ali, five years after its launch. Damac is not in a position to proceed with the construction of the development, without incurring a significant loss as the plans of master-developer seems to have changed.
The Chairman of Damac Holding, Hussain Sajwani, mentioned in his statement said that Damac has been advised that the Palm Jebel Ali master development has been redesigned and the Palm Springs plot will not be delivered.
Due to redevelopment of plots, the Palm Springs development could not be positioned on the re-allocated plot and hence the Palm Springs project has to be cancelled, he added.
He added that, Damac will provide its customers an opportunity to release the investment made in Palm Springs and transfer the money to any of other projects of Damac at a discounted rate of 15 percent below current market value. As an alternative, Damac is ready to refund money paid by customers, with interest.
However, investors claim that Damac is offering only six percent per annum on the sum invested. The investors are considering taking the complaint directly to Ruler's Court, as they are already furious about the repeated project delays, contractual issues and poor customer service by Damac.
The Chief Executive Officer of Dubai's RERA (Real Estate Regulatory Authority), Marwan Bin Galita, said "Any investor with a problem or misunderstanding with developer, please check our website or meet us personally and we will clarify it for you."
Labels: Damac Properties, Palm-Jebel-Ali
APG appointed as Architects for Damac's Suburbia project
Friday, March 14, 2008
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The Architectural Planning Group (APG) has been appointed as the architectural and mechanical consultants for Damac's Suburbia project, located in the heart of Downtown Jebel Ali.
Surburbia is a prestigious development with two towers and amazing townhouses, based on Moroccan architecture. The luxurious single, double and triple bedroom apartments comprise elegantly designed interiors with thoughtfully planned space and utilities and open roof terraces. Other amenities include parking on four levels of the podium, updated IT facilities, jogging track, swimming pool, gymnasium and children's play area, apart from juice bars, cafes and retail on ground floor.
The development is a buzzing urban center with restaurants, cafes and entertainment facilities. It comprises a cool, shady Trellis District where residents can enjoy a peaceful walk in its Medina with its maze of pedestrian alleyways and relaxed atmosphere, while children get to play in a safe environment. The four Dubai Metro Stations render an effortless travel between the zones, amidst low-rise residential neighborhoods, country yards and plazas.
Downtown Jebel Ali is a community with public spaces between the streets, buildings, parks and plazas, that matter as much as buildings themselves. The major attraction of Downtown Jebel Ali area is that it is a pedestrian-friendly area, where people can walk around with comfort all year round and safety of children is taken into consideration too. Despite having the highest level of unrivalled transport infrastructure, the locality will be a 'no car' zone.
The Chairman of Damac, Hussain Sajwani, said "We are pleased to appoint APG as the architectural and mechanical consultants for Suburbia, which will add value to our project portfolio. APG, with its strong record of delivering quality projects, will bring to Suburbia their large pool of expertise and experience."
The Architectural Planning Group (APG) has been appointed as the architectural and mechanical consultants for Damac's Suburbia project, located in the heart of Downtown Jebel Ali.Surburbia is a prestigious development with two towers and amazing townhouses, based on Moroccan architecture. The luxurious single, double and triple bedroom apartments comprise elegantly designed interiors with thoughtfully planned space and utilities and open roof terraces. Other amenities include parking on four levels of the podium, updated IT facilities, jogging track, swimming pool, gymnasium and children's play area, apart from juice bars, cafes and retail on ground floor.
The development is a buzzing urban center with restaurants, cafes and entertainment facilities. It comprises a cool, shady Trellis District where residents can enjoy a peaceful walk in its Medina with its maze of pedestrian alleyways and relaxed atmosphere, while children get to play in a safe environment. The four Dubai Metro Stations render an effortless travel between the zones, amidst low-rise residential neighborhoods, country yards and plazas.
Downtown Jebel Ali is a community with public spaces between the streets, buildings, parks and plazas, that matter as much as buildings themselves. The major attraction of Downtown Jebel Ali area is that it is a pedestrian-friendly area, where people can walk around with comfort all year round and safety of children is taken into consideration too. Despite having the highest level of unrivalled transport infrastructure, the locality will be a 'no car' zone.
The Chairman of Damac, Hussain Sajwani, said "We are pleased to appoint APG as the architectural and mechanical consultants for Suburbia, which will add value to our project portfolio. APG, with its strong record of delivering quality projects, will bring to Suburbia their large pool of expertise and experience."
Labels: Damac Properties, Jebel-Ali, Townhouses
Damac unveils Marina Bay in Abu Dhabi
Saturday, February 02, 2008
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Damac Properties, has unveiled 24-storey Marina Bay, a green luxury development at Najmat Abu Dhabi on Al Reem Island.
The eco-friendly development promises a rejuvenating lifestyle, with added pleasure of owning a waterfront property, while bestowing one with superb views of the canal, which connects the whole development.
Positioned in just 300mts away from Abu Dhabi City Center, and 20 minutes from Abu Dhabi International Airport, the Marina Bay, is a mixed-use tower, with retail on the ground and mezzanine floors, offices at podium level, and penthouses and duplexes on the higher floors. The residential blocks of the development includes single, double and triple bedroom apartments with smart home technology, camera supervised covered parking facility on three podiums of the tower, and a 240hour resident's service and concierge service.
Other features include latest gym facilities, a Spa with sauna, steam and massages, yoga room, meditation room, children's playroom, pool, games room with pool table, football court, table tennis, carom and other indoor sports amenities. The retail blocks comprise top-class retail brands, restaurants, cafes and boutiques amidst landscaped surroundings. The commercial blocks can have access to hi-speed internet, business center, business lounge and the 240hour security cameras.
The Chairman of Damac Holding, Hussain Sajwani, said "The construction activity in Abu Dhabi is going on at a rapid pace, bringing about a considerable change in landscape, and this coupled with the construction boom and increasing population, makes Abu Dhabi an ideal investment destination and also a great place to live. The launch of Marina Bay in the capital, further strengthens our presence in the Abu Dhabi market and in the entire region."
"The development is so designed that it is likely to enhance the well-being of people, while maximizing water efficiency using intelligent integrated building management system," said Peter Riddoch, CEO, Damac Properties.
Damac has completed about 80 projects globally, and Marina Bay is their second project in Abu Dhabi.
The eco-friendly development promises a rejuvenating lifestyle, with added pleasure of owning a waterfront property, while bestowing one with superb views of the canal, which connects the whole development.
Positioned in just 300mts away from Abu Dhabi City Center, and 20 minutes from Abu Dhabi International Airport, the Marina Bay, is a mixed-use tower, with retail on the ground and mezzanine floors, offices at podium level, and penthouses and duplexes on the higher floors. The residential blocks of the development includes single, double and triple bedroom apartments with smart home technology, camera supervised covered parking facility on three podiums of the tower, and a 240hour resident's service and concierge service.Other features include latest gym facilities, a Spa with sauna, steam and massages, yoga room, meditation room, children's playroom, pool, games room with pool table, football court, table tennis, carom and other indoor sports amenities. The retail blocks comprise top-class retail brands, restaurants, cafes and boutiques amidst landscaped surroundings. The commercial blocks can have access to hi-speed internet, business center, business lounge and the 240hour security cameras.
The Chairman of Damac Holding, Hussain Sajwani, said "The construction activity in Abu Dhabi is going on at a rapid pace, bringing about a considerable change in landscape, and this coupled with the construction boom and increasing population, makes Abu Dhabi an ideal investment destination and also a great place to live. The launch of Marina Bay in the capital, further strengthens our presence in the Abu Dhabi market and in the entire region."
"The development is so designed that it is likely to enhance the well-being of people, while maximizing water efficiency using intelligent integrated building management system," said Peter Riddoch, CEO, Damac Properties.
Damac has completed about 80 projects globally, and Marina Bay is their second project in Abu Dhabi.
Labels: Abu Dhabi, Al Reem Island, Damac Properties, eco-friendly, Penthouse, Water front
DAMAC's Amber Residence launched at Dubai Residential City
Tuesday, January 29, 2008
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The luxurious lifestyle provider and leading real estate developer of the region, DAMAC properties, unveiled their 'Amber Residence' in Dubai Residential City, located at Dubai World Central in Jebel Ali. With the launch of this property, the total number of DAMAC projects currently under development touches 80 in number.
Amber Residence is a well-designed residential and retail development in the Dubai World Central, which includes retail shops on the ground and mezzanine floors, and residential flats on floors 1 to 9. Designed to provide high-level comfort, the residents get to enjoy exclusive fitness and leisure amenities. This development will prove to be an unmatched asset to its homeowner, due to the distinctive lifestyle that it offers, with unparalleled opportunities of fine dining restaurants.
The Chairman of DAMAC Properties, Hussain Sajwani, said "Amber Residence is a modern architectural design, offering the finest residential and retail lifestyle. It has been tastefully designed to meet the minutest detail, breathing comfort. Residents can be sure of easy accessibility to everything they require, giving the true value for money."
The Dubai World Central is a massive, multi-storey development located amidst the world's largest international airport. Being a 140square kilometers city, it is twice the size of Hong Kong Island, and one of the first integrated logistics platform, including all modes of transports, logistics and value added services in its free zone environment. On completion, the Dubai World Central will be home to about 750,000 people.
The luxurious lifestyle provider and leading real estate developer of the region, DAMAC properties, unveiled their 'Amber Residence' in Dubai Residential City, located at Dubai World Central in Jebel Ali. With the launch of this property, the total number of DAMAC projects currently under development touches 80 in number.Amber Residence is a well-designed residential and retail development in the Dubai World Central, which includes retail shops on the ground and mezzanine floors, and residential flats on floors 1 to 9. Designed to provide high-level comfort, the residents get to enjoy exclusive fitness and leisure amenities. This development will prove to be an unmatched asset to its homeowner, due to the distinctive lifestyle that it offers, with unparalleled opportunities of fine dining restaurants.
The Chairman of DAMAC Properties, Hussain Sajwani, said "Amber Residence is a modern architectural design, offering the finest residential and retail lifestyle. It has been tastefully designed to meet the minutest detail, breathing comfort. Residents can be sure of easy accessibility to everything they require, giving the true value for money."
The Dubai World Central is a massive, multi-storey development located amidst the world's largest international airport. Being a 140square kilometers city, it is twice the size of Hong Kong Island, and one of the first integrated logistics platform, including all modes of transports, logistics and value added services in its free zone environment. On completion, the Dubai World Central will be home to about 750,000 people.
Labels: Damac Properties, Dubai-Residential-City, Luxury Homes, Residential
Damac eyes overseas markets
Monday, September 24, 2007
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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.
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.
Labels: Damac Properties, International, Real Estate Company, Real Estate News
Damac holds the credit of launching 79 towers in a five year span
Friday, September 21, 2007
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Damac Properties has revealed that it has launched 79 towers throughout the region, during the past five years, making it the largest private property developers in the UAE.
Damac Holding, the real estate arm of Damac Properties and a Dubai-based company, has revealed that its $18billion portfolio of towers covers the Jordan, Qatar, UAE, Saudi Arabia and Lebanon.
It also revealed that its Gamsha Bay project, worth $35-$40 billion project, is shaping up in Egypt, which is one of the largest master developments in the region. All these projects are currently in various stages of construction.
"We have grown at a tremendous pace, and have set the path for others to follow. We are proud that we are an integral part of the exponential growth that the country and the region has witnessed during the recent past, and will continue to play a major role in growing the industry," said the Chairman of Damac Holding, Hussain Sajwani.
The CEO of Damac Properties, Peter Riddoch assured that they will surely aim to further strengthen their position in these sectors shortly, and revealed that several projects of the company are coming up in the commercial market sector.
Damac Holding, the real estate arm of Damac Properties and a Dubai-based company, has revealed that its $18billion portfolio of towers covers the Jordan, Qatar, UAE, Saudi Arabia and Lebanon.
It also revealed that its Gamsha Bay project, worth $35-$40 billion project, is shaping up in Egypt, which is one of the largest master developments in the region. All these projects are currently in various stages of construction."We have grown at a tremendous pace, and have set the path for others to follow. We are proud that we are an integral part of the exponential growth that the country and the region has witnessed during the recent past, and will continue to play a major role in growing the industry," said the Chairman of Damac Holding, Hussain Sajwani.
The major projects of Damac include the buildings in developments such as the
Dubailand, Business Bay, Jumeirah Village, IMP and Tecome Zone.
The CEO of Damac Properties, Peter Riddoch assured that they will surely aim to further strengthen their position in these sectors shortly, and revealed that several projects of the company are coming up in the commercial market sector.
Labels: Damac Properties, Real Estate News
Construction works to commence as scheduled on Damac's Smart Heights
Friday, September 14, 2007
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Damac Properties has announced that the construction works of its 'Smart Heights' project at Tecom, would commence as scheduled. The project is due to be completed by August 2009.
Earlier, Damac launched the Executive Heights project in Tecom, and went on to become the first to announce an office tower in Tecom. Smart Heights is the second project of the company in Tecom.
The enabling works, including excavation and piling for development of the infrastructure, was completed on 24th July this year. The enabling works were carried out by International Foundation Group (IFG), who are the leaders in the field of geotechnical and foundation engineering.
Currently, Engineering and Contracting Company (ECC), the leading contractors in the industry will begin construction of 'Smart Heights' as scheduled.
Smart Heights will offer a state-of-the-art office space that covers 288,000 square feet of area, with 22,000 square feet of prime retail outlets, six levels of parking, and other amenities such as day-care and healthcare center. The project will offer businesses too, the ultimate in smart technology.
The Smart technology feature comprises a smart card for controlled access anywhere within the building, smart technology featuring eye-biometric recognition, smart lighting energy management system, fully automated business lounge and boardroom, a touch pad request and LCD screen response in smart elevators.
Damac Properties recently won three prestigious awards at the CNBC Arabian Property Awards 2006. Damac won the best development award for its 'Oceanscape', best architecture award for 'Ocean Heights 2' and best website award for the company website- www.damacproperties.com. The company also received IREF ME award for being the best residential development in UAE.
Earlier, Damac launched the Executive Heights project in Tecom, and went on to become the first to announce an office tower in Tecom. Smart Heights is the second project of the company in Tecom.The enabling works, including excavation and piling for development of the infrastructure, was completed on 24th July this year. The enabling works were carried out by International Foundation Group (IFG), who are the leaders in the field of geotechnical and foundation engineering.
Currently, Engineering and Contracting Company (ECC), the leading contractors in the industry will begin construction of 'Smart Heights' as scheduled.
Smart Heights will offer a state-of-the-art office space that covers 288,000 square feet of area, with 22,000 square feet of prime retail outlets, six levels of parking, and other amenities such as day-care and healthcare center. The project will offer businesses too, the ultimate in smart technology.
The Smart technology feature comprises a smart card for controlled access anywhere within the building, smart technology featuring eye-biometric recognition, smart lighting energy management system, fully automated business lounge and boardroom, a touch pad request and LCD screen response in smart elevators.
Damac Properties recently won three prestigious awards at the CNBC Arabian Property Awards 2006. Damac won the best development award for its 'Oceanscape', best architecture award for 'Ocean Heights 2' and best website award for the company website- www.damacproperties.com. The company also received IREF ME award for being the best residential development in UAE.
Labels: Business Tower, Construction Projects, Damac Properties, Office Space
Damac launches Water's Edge, ninth Business Bay project
Wednesday, July 18, 2007
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Damac Properties has announced its ninth project, 'Water's Edge' in Business Bay.
Water's Edge is basically a twenty storey commercial waterfront development, but the company has not yet divulged the value of the project.
The Chairman of Damac Holding, Hussain Sajwani, said "Our presence in Business Bay is due to deep-rooted belief in the extremely dynamic and vibrant master-plan being created for the development. The launch of the project is due to the impressive success experienced by the previous eight projects launched by the company in Business Bay, like, Business Tower, Executive Bay, Capital Bay, The Corner, Business Central, HAZ Tower, XL Tower and the Park Central."
Water's edge is expected to be a self-contained development with office space, retail space and recreational facilities.
Damac CEO, Peter Riddoch, has mentioned that Water’s Edge would be the ideal location for those who enjoy being in the midst of all action, like the pleasure of working in an office tower, which perfectly complements the various advantages that a self-contained development has to offer.
"Water's Edge is a perfect commercial eco-system with wonderful waterfront views. An exclusive world of boutique retails space that adds zest to the environment. The project will also have a serene and beautiful landscape with parking at five levels," he added.
Damac also recently launched 'The Signature Series', featuring the most expensive penthouse in the region, with each penthouse costing more than eight million euros.
Water's Edge is basically a twenty storey commercial waterfront development, but the company has not yet divulged the value of the project.
The Chairman of Damac Holding, Hussain Sajwani, said "Our presence in Business Bay is due to deep-rooted belief in the extremely dynamic and vibrant master-plan being created for the development. The launch of the project is due to the impressive success experienced by the previous eight projects launched by the company in Business Bay, like, Business Tower, Executive Bay, Capital Bay, The Corner, Business Central, HAZ Tower, XL Tower and the Park Central."
Water's edge is expected to be a self-contained development with office space, retail space and recreational facilities.
Damac CEO, Peter Riddoch, has mentioned that Water’s Edge would be the ideal location for those who enjoy being in the midst of all action, like the pleasure of working in an office tower, which perfectly complements the various advantages that a self-contained development has to offer.
"Water's Edge is a perfect commercial eco-system with wonderful waterfront views. An exclusive world of boutique retails space that adds zest to the environment. The project will also have a serene and beautiful landscape with parking at five levels," he added.
Damac also recently launched 'The Signature Series', featuring the most expensive penthouse in the region, with each penthouse costing more than eight million euros.
Labels: Business Bay, Commercial Property, Damac Properties, New Developments, Office Space
ECC is the contractor for Smart Heights
Saturday, June 30, 2007
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The Engineering and Contracting Company (ECC) has been appointed as the main contractor for the Smart Heights project at TECOM by Damac Properties.
The project is due for completion by end of 2008.
Smart Heights is the second project of Damac in TECOM, the first being 'Executive Heights', an office tower.
Smart Heights offers an office space of 288,000 square feet with 22,000 square feet of retail outlets and six levels parking. Among the other amenities are the day care center and health care.
International Foundation Group was the enabling works contractor.
The project is due for completion by end of 2008.
Smart Heights is the second project of Damac in TECOM, the first being 'Executive Heights', an office tower.
Smart Heights offers an office space of 288,000 square feet with 22,000 square feet of retail outlets and six levels parking. Among the other amenities are the day care center and health care.
International Foundation Group was the enabling works contractor.
Labels: Damac Properties, New Contracts, Real Estate Company
Damac launches Dh.2.5b Damac Heights
Saturday, June 23, 2007
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The Dubai-based Damac Properties has launched the 'Damac Heights', their first branded project in Dubai, worth Dh.2.5billion.
Damac Heights, is located at Dubai Marina, and is a ninety storey tower, comprising three, two and single bedroom apartments up to the sixtieth floor. The next twenty five levels have been dedicated to penthouses and duplexes.
The Chairman of Damac Holding, Hussain Sajwani said "We have got the land and are planning to start the works soon. We expect the tower to be complete by 2011."
The tower, designed by the Aedas Architects, offers facilities such as gymnasium, swimming pools, steam and sauna amenities, health clubs for men and women, daycare centers and nurseries, golf simulator, games rooms, banquet area and barbecue area.
Every property of Damac Heights that is purchased, or for purchase of any other Damac Property, worth Dh.350,000 during DSS 2007, the buyer will be offered a chance to enter a draw, wherein one luxury car will be raffled. The draws are likely to be held every second week starting 5th of July at the Mall of the Emirates.
Damac Heights, is located at Dubai Marina, and is a ninety storey tower, comprising three, two and single bedroom apartments up to the sixtieth floor. The next twenty five levels have been dedicated to penthouses and duplexes.
The Chairman of Damac Holding, Hussain Sajwani said "We have got the land and are planning to start the works soon. We expect the tower to be complete by 2011."
The tower, designed by the Aedas Architects, offers facilities such as gymnasium, swimming pools, steam and sauna amenities, health clubs for men and women, daycare centers and nurseries, golf simulator, games rooms, banquet area and barbecue area.
Every property of Damac Heights that is purchased, or for purchase of any other Damac Property, worth Dh.350,000 during DSS 2007, the buyer will be offered a chance to enter a draw, wherein one luxury car will be raffled. The draws are likely to be held every second week starting 5th of July at the Mall of the Emirates.
Labels: Damac Properties, New Developments, Real Estate Projects
Damac's first project in Saudi launched
Tuesday, May 29, 2007
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Damac Properties, the Dubai based real estate developer, has unveiled its first project 'Al Jawharah' in Jeddah.
Situated at Jeddah Corniche, near the Red Sea, the project Al Jawharah, is a residential tower of forty storeys comprising of landscaped surroundings, guest lodge, reception area, double height lobby, penthouses and other apartments and multilevel car parking facilities. All rooms comprise aluminium double-gazed windows, skirting for dining and living rooms, premium marble floors, maid’s room and utility room. Spread across two floors is a wide array of other facilities such as separate swimming pools for men and women, jogging track around the podium, health club and a wonderful sauna.
The Damac Chairman, Hussain Sajwani, has mentioned that Damac aims to be the most admired among luxury property services market in the world, by the year 2012. He added, "Saudi Arabia will be an integral component of our expansion strategy and also part of the global vision".
Peter Riddoch, Damac CEO, stated "This is just the beginning, our ambitious plan for Saudi Arabia includes a number of real estate ventures that we plan to unveil within the near future. Saudi Arabia is an important market for us."
Apart from Saudi Arabia, Damac is currently following up projects in Qatar, Jordan, Egypt, and Lebanon, and plans to consider projects in India, Pakistan, Tunisia, Morocco, Turkey and Oman.
Situated at Jeddah Corniche, near the Red Sea, the project Al Jawharah, is a residential tower of forty storeys comprising of landscaped surroundings, guest lodge, reception area, double height lobby, penthouses and other apartments and multilevel car parking facilities. All rooms comprise aluminium double-gazed windows, skirting for dining and living rooms, premium marble floors, maid’s room and utility room. Spread across two floors is a wide array of other facilities such as separate swimming pools for men and women, jogging track around the podium, health club and a wonderful sauna.
The Damac Chairman, Hussain Sajwani, has mentioned that Damac aims to be the most admired among luxury property services market in the world, by the year 2012. He added, "Saudi Arabia will be an integral component of our expansion strategy and also part of the global vision".
Peter Riddoch, Damac CEO, stated "This is just the beginning, our ambitious plan for Saudi Arabia includes a number of real estate ventures that we plan to unveil within the near future. Saudi Arabia is an important market for us."
Apart from Saudi Arabia, Damac is currently following up projects in Qatar, Jordan, Egypt, and Lebanon, and plans to consider projects in India, Pakistan, Tunisia, Morocco, Turkey and Oman.
Labels: Damac Properties
Damac plans further expansion with $1bn project at Saudi
Wednesday, May 09, 2007
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Damac Properties plans to invest Dh.3.67billion ($1 billion) in the booming real estate market of Saudi Arabia by the end of this year.
The Chairman of Damac, Hussain Sajwani mentioned that Damac will be launching villas and residential apartments worth one billion dollars at Jeddah and Riyadh. He added that such a decision was arrived at, based on the demand for residential projects at Saudi Arabia.
Sajwani also mentioned their intention to invest a billion dollars at Morocco for building a mega tourism project in one of its coastal cities. He added that they also plan to enter the sub-continent, and are already in the process of planning a project at Hyderabad. Projects are being planned at Pakistan too.
Damac’s most recent announcement was the launch of Gamsha Bay in Egypt, a tourism and residential project, worth Dh.60billion with luxury hotels, 18 hole golf course, and marina, all spread in 3000 hectares of land.
Damac CEO, Peter Riddoch, expects total investment in the project to touch $16billion in a span of ten years.
The Chairman of Damac, Hussain Sajwani mentioned that Damac will be launching villas and residential apartments worth one billion dollars at Jeddah and Riyadh. He added that such a decision was arrived at, based on the demand for residential projects at Saudi Arabia.
Sajwani also mentioned their intention to invest a billion dollars at Morocco for building a mega tourism project in one of its coastal cities. He added that they also plan to enter the sub-continent, and are already in the process of planning a project at Hyderabad. Projects are being planned at Pakistan too.
Damac’s most recent announcement was the launch of Gamsha Bay in Egypt, a tourism and residential project, worth Dh.60billion with luxury hotels, 18 hole golf course, and marina, all spread in 3000 hectares of land.
Damac CEO, Peter Riddoch, expects total investment in the project to touch $16billion in a span of ten years.
Labels: Damac Properties
Nakheel clarifies the issue over Terra Del Sol
Monday, May 07, 2007
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Nakheel has cleared the air by confirming that they are the master developers of Discovery Gardens, putting an end to the confusion about the apartments in a development, Terra Del Sol, which had been marketed by Damac Properties.
The investors were basically confused about whether they had bought the apartment from Nakheel or Damac.
A representative of Nakheel mentioned that they are the master developer of Discovery Gardens, and are responsible for construction of the entire project, comprising 291 buildings with 26,000 odd multi-sized units in a family-oriented community.
Discovery Gardens, launched during July 2004, created a high demand, and the construction of the buildings began the same year. The statement from Nakheel mentions that most of these buildings are sold to developers, and hence the cost of apartments in these buildings is determined by the individual owner.
The Damac CEO, Peter Riddoch, has stated that they had purchased two buildings from Nakheel, and re-sold them to third parties during 2005. The buildings in Terra Del Sol were very similar to rest of the major development, and Damac had placed its identity tag on the two buildings for marketing purposes. The investors were also clearly notified about all details, so that they do not feel cheated.
Meanwhile, a few British investors who had booked flats during 2004-05 with Damac, claimed that while booking, they were told Damac Properties were the ones to build Terra Del Sol, keeping Nakheel as the master developer during the entire Discovery Gardens project.
A resident is said to have stated that Damac had earlier mentioned that they are the ones undertaking construction of the properties, and there was no mention of Nakheel being made. He added that he was only notified about Nakheel being the developer during the year 2006, when Damac had asked the family to sign a Power of Attorney, authorizing them to buy properties from Nakheel on their behalf.
A property developer, Sarfraz Mirza, also mentioned the same issue, and agrees that Nakheel was brought to the picture only last year at the time of signing the documents.
The investors were basically confused about whether they had bought the apartment from Nakheel or Damac.
A representative of Nakheel mentioned that they are the master developer of Discovery Gardens, and are responsible for construction of the entire project, comprising 291 buildings with 26,000 odd multi-sized units in a family-oriented community.
Discovery Gardens, launched during July 2004, created a high demand, and the construction of the buildings began the same year. The statement from Nakheel mentions that most of these buildings are sold to developers, and hence the cost of apartments in these buildings is determined by the individual owner.
The Damac CEO, Peter Riddoch, has stated that they had purchased two buildings from Nakheel, and re-sold them to third parties during 2005. The buildings in Terra Del Sol were very similar to rest of the major development, and Damac had placed its identity tag on the two buildings for marketing purposes. The investors were also clearly notified about all details, so that they do not feel cheated.
Meanwhile, a few British investors who had booked flats during 2004-05 with Damac, claimed that while booking, they were told Damac Properties were the ones to build Terra Del Sol, keeping Nakheel as the master developer during the entire Discovery Gardens project.
A resident is said to have stated that Damac had earlier mentioned that they are the ones undertaking construction of the properties, and there was no mention of Nakheel being made. He added that he was only notified about Nakheel being the developer during the year 2006, when Damac had asked the family to sign a Power of Attorney, authorizing them to buy properties from Nakheel on their behalf.
A property developer, Sarfraz Mirza, also mentioned the same issue, and agrees that Nakheel was brought to the picture only last year at the time of signing the documents.
Labels: Damac Properties, Discovery Gardens, Nakheel
Damac launches Wildflower project
Wednesday, May 02, 2007
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The first villa project by Damac Properties – the Wildflower, positioned in the Earth Community of the Jumeirah Golf Estates at the Arabian Travel Market, has been launched. Damac, during this occasion, also revealed details regarding its Gamsha Bay Project, based in Egypt, which is a 320 milllion Sq.Ft. leisure destination, one of the largest developments in the region.
The Wildflower Villa project in Jumeirah Golf Estates, is located in close proximity to various developments such as Jumeirah Islands, The Palm Jumeirah and The World and makes use of traditional architecture.
The Damac Chairman, Hussain Sajwani, mentions that the Egypt-based, Gamsha Bay project will be a yardstick in its architecture, innovation and design in the region. The world-class development will attract tourists and help boost the economy of the region.
The leisure development, being the largest in the region, offers residents a wide range of options like apartments,, marinas, townhouses, villas, 18-hole golf course, shopping boulevards, five-star restaurants, scuba driving, spa resorts and other recreational and entertainment venues and amenities along with an innovative sports adventure theme park.
The Chief Executive Officer of Damac, Peter Riddoch, states that due to the massive growth in the real estate sector in the region, plenty of business opportunities are being created. Hence, Damac, is of the opinion that ATM is the apt platform to capture a share of both leisure real estate market and the tourism sector, both within UAE and in the international market.
The Wildflower Villa project in Jumeirah Golf Estates, is located in close proximity to various developments such as Jumeirah Islands, The Palm Jumeirah and The World and makes use of traditional architecture.
The Damac Chairman, Hussain Sajwani, mentions that the Egypt-based, Gamsha Bay project will be a yardstick in its architecture, innovation and design in the region. The world-class development will attract tourists and help boost the economy of the region.
The leisure development, being the largest in the region, offers residents a wide range of options like apartments,, marinas, townhouses, villas, 18-hole golf course, shopping boulevards, five-star restaurants, scuba driving, spa resorts and other recreational and entertainment venues and amenities along with an innovative sports adventure theme park.
The Chief Executive Officer of Damac, Peter Riddoch, states that due to the massive growth in the real estate sector in the region, plenty of business opportunities are being created. Hence, Damac, is of the opinion that ATM is the apt platform to capture a share of both leisure real estate market and the tourism sector, both within UAE and in the international market.
Labels: Damac Properties, New Developments, Residential
Capital Bay Tower from Damac Properties
Tuesday, April 10, 2007
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Damac Properties yesterday launched Capital Bay Towers, its fourth project in Dubai’s Business Bay. Capital Bay will consist of two 19-storey towers featuring office, residential and boutique retail space.
The towers will feature four levels of parking, swipe access, high-speed internet, business lounge, reception desk, and 24-hour security.
A well-designed workplace with a comfortable indoor en vironment leads to a workforce that is not only healthy and happy but also more productive. Innovative, state-of-the-art facilities are tools that increase productivity.
Damac’s first three Business Bay projects were Executive Bay, Business Tower, and XL Tower.
The towers will feature four levels of parking, swipe access, high-speed internet, business lounge, reception desk, and 24-hour security.
A well-designed workplace with a comfortable indoor en vironment leads to a workforce that is not only healthy and happy but also more productive. Innovative, state-of-the-art facilities are tools that increase productivity.
Damac’s first three Business Bay projects were Executive Bay, Business Tower, and XL Tower.
Labels: Business Bay, Damac Properties
Damac Properties witness rise in sales during DSF
Wednesday, January 24, 2007
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As a part of its promotional activities during the DSF (Dubai Shopping Festival), more than 545 units have been sold by Damac Properties.
An Eclipse 500 Jet worth more than Dh.5.5 million is announced by the company for one lucky customer among the initial seven hundred customers, who purchase properties during DSF. In addition, a Jaguar will also be given to every new customer who purchases Damac Property during this DSF.
During this DSF a 105 percent rise in sales was witnessed by the company during 2006, as against fifty percent in 2004 and eighty five percent in 2005.
An Eclipse 500 Jet worth more than Dh.5.5 million is announced by the company for one lucky customer among the initial seven hundred customers, who purchase properties during DSF. In addition, a Jaguar will also be given to every new customer who purchases Damac Property during this DSF.
During this DSF a 105 percent rise in sales was witnessed by the company during 2006, as against fifty percent in 2004 and eighty five percent in 2005.
Labels: Damac Properties
Damac’s investments to increase four fold in next three years
Thursday, January 04, 2007
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The biggest private freehold developer in UAE, Damac Properties has announced that its total investments in the property sector in the UAE and overseas would increase fourfold i.e., it is likely to reach $25.5 billion during the next three years.
The Chairman and Founder of Damac Holding Group mentioned that in the coming three years, the company will further expand its real estate business in Egypt and Saudi Arabia through projects worth $20billion.
Damac has also launched a project in Abu Dhabi. Damac is confident about witnessing a spectacular growth in Egypt and Saudi Arabia as there is a huge growth potential in these places. Sajwani mentioned that he is also planning to enter into Morocco and other regional markets in future.
The Chairman and Founder of Damac Holding Group mentioned that in the coming three years, the company will further expand its real estate business in Egypt and Saudi Arabia through projects worth $20billion.
Damac, which is one of the most booming commercial, leisure and residentialSajwani mentioned that Damac has 37 projects in Dubai and would further like to consolidate when the market is still strong. In Dubai alone, Damac’s investment is $4 billion. The latest project was in Dubailand called The Cyclades which consist of seven office buildings out of which two are being launched now. Another prestigious project of Damac in Dubai includes Oceanscape and Ocean Heights. It has already brought in three projects in downtown Amman. The projects namely “The Heights” which is a 35 storey tower and “The Lofts” which is an eight storey residential development which is adjacent to the tower were sold out completely in time. Another project called “The Courtyard” was inaugurated in November this year.
developers in Dubai and Middle East over the last four years has invested in a
total of 52 projects worth$5.5billion, including several projects completed or
are under development in the Far East, Qatar, Lebanon, Jordan and UAE. A hundred percent growth was recorded in sales by Damac during 2006 and is expecting to increase its overseas sales during 2007 while simultaneously consolidating growth in Dubai with a surge of thirty percent sales.
Damac has also launched a project in Abu Dhabi. Damac is confident about witnessing a spectacular growth in Egypt and Saudi Arabia as there is a huge growth potential in these places. Sajwani mentioned that he is also planning to enter into Morocco and other regional markets in future.
Labels: Damac Properties
Damac Properties – Expansion Plans
Saturday, December 23, 2006
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The Chief Executive of Damac, Peter R Riddoch said that Damac Properties is looking forward to expand to Pakistan and India. While Damac already has its presence in the UAE, Jordan, China, Qatar, Egypt and Lebanon, the company is planning to enter the markets of India and Pakistan next year.
Damac, which already has a portfolio of Dh80 billion including the Dh 60 bn. Gamsha Bay Project, which was recently launched, is expecting to account about 60 to 65 percent of the company’s value from projects beyond the UAE. Riddoch added that currently about 68 percent of the total Company value is contributed by Dubai and the rest comes from Qatar, Lebanon, Jordan and Abu Dhabi.
Damac, which already has a portfolio of Dh80 billion including the Dh 60 bn. Gamsha Bay Project, which was recently launched, is expecting to account about 60 to 65 percent of the company’s value from projects beyond the UAE. Riddoch added that currently about 68 percent of the total Company value is contributed by Dubai and the rest comes from Qatar, Lebanon, Jordan and Abu Dhabi.
Labels: Damac Properties
Damac Properties blames the contractors
Wednesday, December 06, 2006
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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.
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.
Labels: Damac Properties
Damac to investment in Egyptian venture
Friday, October 06, 2006
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Damac Holding, the Dubai-based real estate developer, is planning a major investment in the Egyptian real estate market, a top company official said.
"We have been negotiating the issue with the Egyptian side for almost six months now, and the site will be finalised soon," Hussain Sajwani, the group's chairman, told Gulf News yesterday.
The value of Damac's international expansion and projects has been on the rise recently, reaching almost Dh25 billion so far, including a Dh10 billion in China, and a $400 million in Qatar, in addition to Lebanon and Jordan.
"We also find the Abu Dhabi market very promising, given the huge projects that have been announced or are in the pipeline," Sajwani explained.
"However, Abu Dhabi needs to open up to foreign investors in the real estate sector, as the government cannot carry out all the required development," he added.
Rents in Abu Dhabi are expected to increase by 100 per cent in the next five years, as the city's demography is expected to change dramatically, due to the need to upgrade existing properties.
Accordingly, a different tenant mix is expected to enter the market, with much higher income than that of the average middle class in the capital today, according to Sajwani.
He said rents in Dubai and Abu Dhabi would keep going up, but at a slower pace than hitherto as the market is maturing. "However, Dubai is still relatively cheap compared to similar places elsewhere in the world and prices will keep going up about 40 per cent in the next five years," Sajwani said.
Abu Dhabi rents would also rise because the real estate sector had been neglected for a very long time and would be pushed higher by the wealth of the emirate and new developments in the sector.
[Gulf News September 18, 2006]
"We have been negotiating the issue with the Egyptian side for almost six months now, and the site will be finalised soon," Hussain Sajwani, the group's chairman, told Gulf News yesterday.
The value of Damac's international expansion and projects has been on the rise recently, reaching almost Dh25 billion so far, including a Dh10 billion in China, and a $400 million in Qatar, in addition to Lebanon and Jordan.
"We also find the Abu Dhabi market very promising, given the huge projects that have been announced or are in the pipeline," Sajwani explained.
"However, Abu Dhabi needs to open up to foreign investors in the real estate sector, as the government cannot carry out all the required development," he added.
Rents in Abu Dhabi are expected to increase by 100 per cent in the next five years, as the city's demography is expected to change dramatically, due to the need to upgrade existing properties.
Accordingly, a different tenant mix is expected to enter the market, with much higher income than that of the average middle class in the capital today, according to Sajwani.
He said rents in Dubai and Abu Dhabi would keep going up, but at a slower pace than hitherto as the market is maturing. "However, Dubai is still relatively cheap compared to similar places elsewhere in the world and prices will keep going up about 40 per cent in the next five years," Sajwani said.
Abu Dhabi rents would also rise because the real estate sector had been neglected for a very long time and would be pushed higher by the wealth of the emirate and new developments in the sector.
[Gulf News September 18, 2006]
Labels: Damac Properties
