Damac Properties said the construction at its XL Tower, a modern commercial tower located at Business Bay, was going as per schedule and had reached the third floor.

The building, being constructed by CSHK Dubai Contracting - a group member of China State Construction Engineering (Hong Kong) is one of two Damac projects they are working on; the second one being ‘Business Tower’ also at Business Bay.

XL Tower reflects a unique elliptical design and provides a total of 161,700 sq.ft. of commercial space to the market with 153,000 sq.ft. of office space.

A total of 8,700 sq.ft. will be dedicated to retail at ground level including shopping arcade, covered walkway, and parking for staff and customers, said a top official.

“XL Tower is progressing well as per our plan. The pace at which CSHK is operating is encouraging and I am confident that customers will be pleased to move into this state-of-the-art seamlessly integrated property,” said chairman and founder of Damac Holding, Hussain Sajwani.

'Our continuous progress is testament to our long-term confidence in the real estate market in Dubai and we will continue to focus on our delivery goals,” he added.

On the current market conditions, Peter Riddoch, Damac Properties CEO said that the current market correction, presents an opportunity.

'The current scenario seems painful in the short term but such fluctuations are part of the natural cycle of a growing and maturing property market. No market can beat the supply and demand battle; the market will stabilize and will grow. The underlying demand for property in the Middle East is very strong compared to other parts of the world,' he added.

Qin Jidong, deputy chairman, CSHK Dubai Contracting said that, 'We have a proven track record of delivering world class projects and have contracted extensive projects across the region.'

'We have completed more than 500 projects in over 20 years and have undertaken a number of mega size projects of multi-discipline nature, including industrial, commercial and residential buildings, hospitals, hotels among other projects. We are proud to bring this wealth of experience to the Middle East,' he added.-TradeArabia News Service