Damac to develop prime plot in Dubai
Dubai, March 23, 2013
Damac Properties, one of the largest luxury private developers in the Middle East, has announced massive investment to develop a prime real estate on the sea-front at Dubai Maritime City (DMC).
Damac’s plot of land at DMC will be home to a high-rise luxury tower of serviced hotel residences and further expands the company’s project portfolio in the emirate, said a senior official.
The Maritime City is strategically located north of the main city centre and creek area business district, between Port Rashid and Dubai Dry Docks. The site is connected by a causeway to the wider road network, providing access to all of Dubai's principle expressways including Sheikh Zayed Road.
Speaking at the signing ceremony, Damac managing director Ziad El Chaar said: “Dubai is at the heart of our development programme and this investment is testament to the resurgence and our confidence in the market. The plot in Dubai Maritime City will offer stunning views of the sea and deliver quintessentially refined living, where we look after your every need.”
Damac Properties has already competed 37 buildings in the Middle East to date, with a further 66 at various stages of progress across the Mena region. The plot at Dubai Maritime City will take the company’s total portfolio of buildings to 104.
“We are delighted that Damac is leading the way in developing luxury living in DMC, said Khamis Juma Buamim, the chairman of Drydocks World and Maritime World.
“The project will create a space where people can live; work and play, close to a stunning expanse of open sea and will be one of the most envious locations in the Middle East,” he added.
The DMC project will be managed by a new luxury management company recently launched by Damac Properties to provide hotel management services for Damac Properties’ elite serviced hotel apartments.
“By being one of the first developers to commit to Maritime City, Damac has been able to secure one of the most exclusive plots in the whole development and we expect this project to drive significant demand,” said El Chaar.
According to him, Damac has been on an aggressive growth path during the past six months.
Since completing Marina Bay, its first project in Abu Dhabi, the company has announced strategic partnerships with both the Italian luxury fashion house Fendi and the iconic movie makers, Paramount Pictures.
Damac is developing Damac Esclusiva, a luxury serviced hotel apartment tower in the centre of Riyadh and Damac Residenze a private apartment project in Dubai Marina both with interiors by Fendi Casa.
“Dubai is back – in a big way,” remarked El Chaar.
“Consumer confidence is back, prices are rising and yet there remains a more sensible approach to the way developments are being brought to the market in Dubai. Serious investors are taking a medium to long term approach and this stability is helping to make Dubai one of the most profitable real estate markets in the world,” he added.-TradeArabia News Service
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