DAMAC Properties’ completes enabling works at two flagship Business Bay properties

Leading property developer Damac Properties Dubai has announced that enabling works at two of its developments at Business Bay have been completed.

Work to carry out shoring piles and excavation in readiness for construction of the two properties at Capital Bay and Park Central has now finished and the areas are now ready for main contractors to move on site this month. Damac Properties Dubai has already awarded main contracts worth Dhs390m for both projects to Al Nekhreh Contracting Co. LLC.

Both Capital Bay and Park Central offer commercial space at the heart of Business Bay. At the 17-storey Park Central tower, people will be able to make the most of the working day with a shopping arcade and cafes on site. In addition both outdoor and indoor leisure facilities are on offer including a gym and also an opportunity to enjoy walking around the nearby lake. Similarly at its two tower development at Capital Bay, Damac Properties is offering people a location right at the heart of business in Dubai.

CEO of Damac Properties Dubai Peter Riddoch commented that the positive progress on these two developments was indicative of the company’s determination to push forward at all of its locations in Dubai.

“We have completed our enabling works on time and now look forward to the arrival of the main contractors on site to commence the construction phase of these two striking projects,”

he said.

“Business Bay truly represents the ambition and dynamism of Dubai by creating a hub for modern and forward looking companies to work in. The whole area will have vibrancy about it and we are delighted to have several projects at the heart of this cosmopolitan new business environment.”

In addition to Park Central and Capital Bay, Damac Properties Dubai also has several other projects underway at Business Bay with contractors at its XL Tower development due to undertake the ground floor concrete pour in the next few weeks.

Mr Riddoch added:’ Our entire range of properties at Business Bay will reflect the different styles and design capabilities we have as a company and we look forward to more progress at each of our towers in the coming months.’

2008 has been the ‘Year of Construction’ at Damac Properties, during which its businesses have aggressively focused on construction and contract delivery to trusted and quality contractors. In line with this, the company is making good progress at its major developments and has recently handed over 571 units at Lake Terrace in Jumeirah Lake Towers in Dubai and with the promise of delivery of 192 units at the Executive Heights project at TECOM in Dubai, 198 units in its Tera Del Sol developments in Discovery Gardens in Dubai, 536 units at LakeView in Jumeirah Lake Towers in Dubai and 847 units at The Crescent, located at IMPZ in Dubai, all before the end of 2008.

AME Info/Press release

Finishing touches continue at DAMAC’S ‘The Crescent’

Luxury lifestyle provider, DAMAC Properties, is beginning the finishing touches to The Crescent, its IMPZ development that will offer residents tranquil living in the heart of Dubai.

Combining the convenience of the Emirates Road with a setting of lush and green landscaping, The Crescent is a stylish three tower development offering studio, one and two bedroomed apartments. Thanks to an innovative floor plan all apartments have views of the picturesque landscape and will be able to enjoy this quiet cocoon in the middle of Dubai.

Landscaping of the gardens is expected to be completed by the end of next month with an array of different plants and features being used to create a green haven in the centre of the development. Palms and ornamental trees will give a distinctly tropical feel while ground cover plants and rocks are being used to create interest and colour for residents. Work on the fountains within the complex has already been completed and the residents’ swimming pool is currently being tested.

CEO of Damac Properties Peter Riddoch said:

‘The Crescent will offer residents a wonderful green environment in which to live and careful consideration has gone into the landscaping part of the project. The outdoor environment will reflect the style and luxury of The Crescent apartments themselves and we are delighted to see this project now nearing its completion.’

Inside the building snagging works are underway with representatives from DAMAC’s Customer Relations Team undertaking regular visits to the site. All electrical appliances have been delivered as has the equipment for the shared gym at the development. Lifts are also expected to be completed this month.

Meanwhile DAMAC’s design team has also started the process for the design and decoration of the lobby area which will feature marble and also the choice of soft furnishings and finishings for the reception area.

DAMAC Properties will hand over 848 units at The Crescent in Q4 and Mr Riddoch added that he believed this development would be yet another landmark property in the company’s iconic property portfolio.

‘Today, DAMAC Properties epitomises high-end luxury and high investment returns through its projects in the region. The Crescent is a fine example of combining the most stylish and modern apartments in an eco-sensitive setting.’

DAMAC Holding has now grown into a global conglomerate with more than 8000 employees in 12 countries. Being the first private sector company to make a commitment to Dubai’s real estate market, DAMAC Properties
has become the market leader with a strong sales record to its credit.

DAMAC Properties were recently awarded five CNBC Arabian Property Awards for 2008. The accolades included awards for Best High-Rise Architecture for their Marina Bay Project in Abu Dhabi, Best Development for their Hyde Park project in Cairo, Egypt, Best Marina Development, also for Marina Bay in Abu Dhabi, Best Property Marketing awards for the Dubai Shopping Festival 2008 campaign and Best Developer Website for the third consecutive year - www.damacproperties.com.

Further information is available at www.damacproperties.com

Damac Properties awards Dh805m contract to Intermass

Luxury lifestyle provider, Damac Properties, has awarded an Dhs805m contract to M/s Intermass Engineering and Contracting Co. LLC., for its Lakeside project at International Media production Zone (IMPZ). The project will be completed by December 2010.

Intermass is one of the most renowned contractors in the UAE and they have been associated with several landmarks in the country. Lakeside project is the Damac Properties third project in IMPZ- the previous two projects being the Crescent and Lago Vista in IMPZ. All the three projects are being built by Intermass.

“Intermass are one of the leaders in the engineering and construction industry in the UAE today and their appointment as main contractors is due to our faith in the quality of their work and our past experience with them. We have no doubt that they will deliver a product that offers state-of-the-art luxury and comfort to the residents at Lakeside”

said Peter Riddoch, CEO at Damac Properties.

Situated on the Emirates Road, the IMPZ is in close proximity to the Jebel Ali Port and the Jebel Ali Airport City, a unique free zone incorporating a vast array of residential, industrial, commercial and community service projects.

The projects prestigious location - IMPZ - extends a sophisticated lifestyle with unique facilities including in-campus transportation, medical centre, schools, hotels, shopping centres, restaurants, amphitheatre, sports grounds and full-fledged fitness clubs.

We are delighted to commence construction of yet another masterpiece for the discerning community in the Middle East and worldwide. A beautiful residential project, Lakeside at the IMPZ is a strategic development offering everything that one seeks - from state-of-the-art facilities to eco-friendly environment, added Mr. Riddoch.

A complex of two 21-storey and two 22-storey towers, Lakeside will have studio and one-bedroom apartments with state-of-the-art accessories, thoughtfully planned space and utilities and elegantly designed interiors.

In his comments on the project, Peter Riddoch, CEO at Damac Properties, said: Set amidst beautiful lawns, fountains and gardens, Lakeside extends a pioneering, premier residential complex within the heart of IMPZ, a unique free zone in Dubai. Overall, the project extends a distinctive lifestyle expression that offers unparalleled opportunities.

The project will also offer the perfect choice of amenities such as health clubs for men and women, steam and sauna facilities, gymnasium, aerobic centre, swimming pools, childrens play area, barbecue area, function room, tennis court and access to golf courses.

Lakeside is designed by industry renowned consultants - ARKonsult.

The projects prestigious location - IMPZ - extends a sophisticated lifestyle with unique facilities including in-campus transportation, medical centre, schools, hotels, shopping centres, restaurants, amphitheatre, sports grounds and full-fledged fitness clubs.

Damac has announced plans to deliver over 2300 units in 2008, followed by an additional 7100 units in 2009/10.

In 2008, Damac will also deliver 527 units in Lake View located at Jumeirah Lake Towers, 192 units in Executive Heights project at TECOM, 198 units in Tera Del Sol 1&2 and 848 units of The Crescent, located at IMPZ. In 2009/10, they will deliver a further 7100 units.

Ameinfo