DAMAC to handover units in Lake View tower

DAMAC Properties has announced the completion of its Lake View tower – the second of the company’s projects to be completed at Jumeirah Lake Towers. The final completion certificate was awarded to DAMAC Properties last week and customers will now begin moving in to the 40 storey tower which occupies a prime location at JLT just minutes from Dubai Marina.

Chief Executive of DAMAC Properties Peter Riddoch said the conclusion of the LakeView project marked a positive indication that the company was remaining focused at a time when there were still many challenges across the property industry.

‘Completing this development is a superb way for us to start the first quarter of 2009 and shows that we have not lost our focus or our commitment to our customers,’ he said. ‘There is no doubt that the second half of last year saw a big shift in terms of the affect of the global economic crisis on the property market in Dubai but it has always been, and will continue to be, our intention to deliver our goals and to meet the commitments that we have made. We firmly believe that the market will continue to reward those companies that deliver on the quality they promised. ‘We are pleased to see our first customers now able to move into LakeView and enjoy an area that is becoming more and more popular with the recent opening of Dubai Marina Mall and with the new metro due to open later this year which will have stations close by.’

DAMAC Properties has already announced its intention to deliver a further 7,000 units into the market during 2009/10 and Mr Riddoch believes that despite continued economic gloom in some areas, that property will continue to be a solid investment. Mr Riddoch added:

‘This is a new era for the UAE property market. Whilst it was reported by Colliers that property prices fell in Dubai by eight per cent in the last quarter of 2008 –overall prices were up 59 per cent on the previous year – something worth keeping in perspective. ‘We are fully aware that the market conditions will remain tough in the UAE during 2009 but believe that by staying focused and continuing in the way we have that we will be in a strong position when the market starts to recover. Construction is continuing steadily across our developments and we look forward to reporting more progress in the coming months.’

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