Damac to expand property investments in the Far East

Damac to expand property investments in the Far East
BY JOSE FRANCO

21 June 2007



DUBAI — Damac Properties, one of the leading real estate developers in the UAE and whole Middle East, will announce within the next 12 months, new property investments in Malaysia and Singapore to expand its portfolio in the Far East.


Peter Riddoch, CEO of Damac, said the planned investment in the two Southeast Asian countries would be in addition to the company's project in the Far East — the Dh4.41-billion ($1.2 billion) mixed-use twin-towers in China's Tianjin Province.

A part of Damac Holding, Damac Properties is rapidly expanding its residential, leisure and commercial development projects in the Middle East, North Africa, Egypt, Morocco, Jordan, Lebanon, Qatar and the Far East.

Earlier, Damac announced its current projects in the UAE and other countries worth $30 billion including, among others, the $16-billion property development in Egypt and the $120-million in Lebanon.

Yesterday, the company unveiled its first branded tower, Damac Heights, located at Dubai Marina overlooking the Palm Jumeirah. The launch of the 90-storey tower is part of the company's promotion during the annual Dubai Summer Surprises (DSS), the 72-day long shopping and retail extravaganza that kicks off today.

Company officials said the Dh2.5-billion project, whose design is being finalised, would be completed during the first-quarter of 2011. The projects designer is the international architectural firm, Aedas.

Damac Heights will have 60 floors of one-, two- and three-bedroom apartments and 25 floors of duplexes and townhouses while the first five levels would house the parking space, restaurants, gym, swimming pool and other luxury lifestyle facilities.

"This lifestyle has my signature on it," said Hussain Sajwani, chairman of Damac Holding, of Damac Heights. "We have created a very special series of limitless luxury residences that carry the unmistakable signature of the Damac standard in luxury."

In a statement, Damac said that a purchase of Dh350,000 worth of property at any of its projects would entitle the buyer to enter into a fortnightly raffle draw during the DSS period. Five luxury cars are at stake — one Bentley Continental, two Aston Martin V8 Vantage Coupes and two Lamborghini Gallardo Coupes. It added that those interested get 14 days to pay 20 per cent of the price of any Damac apartments to be eligible for the raffle draw.

In the recent annual Dubai Shopping Festival (DSF), Damac announced an Dh87-million promotion that included one brand-new Eclipse 500 Jet, worth Dh5.5-million, given to one of the first 700 buyers of Damac Properties during the celebration.