DAMAC Properties – the luxury lifestyle provider and Middle East’s largest private sector master developer – has awarded enabling works’ contracts worth AED 18 million for two projects -- The Corner and Water’s Edge located at Dubai’s emerging world-class business capital – Business Bay.
This announcement further reinforces DAMAC Properties’ resolve on its increased focus on delivery of projects on schedule. Sharaf Foundations was awarded the contracts for The Corner and International Foundation Group for the Water’s Edge. The contract for The Corner is for four-month duration while the Water’s Edge contracts will be completed in six months.
Commenting on the announcement, Peter Riddoch, CEO of DAMAC Properties, said: “DAMAC is fully committed to complete its projects on schedule and we are taking every possible action to ensure that we overcome the challenge i.e. shortage of contracts and the increasing cost of construction. Today’s announcement takes us one step further towards the completion of these projects and is a proof towards out commitment on delivery.”
The Corner and Water’s Edge are commercial properties located in Business Bay and offer state-of-the-art office spaces, exquisite retail and recreational facilities. The Corner is a 19 storey towers, while Water’s Edge is a 20 storey building. The towers provide facilities like swipe access, hi-speed internet, business lounge, reception desk and 24-hr security with security cameras.
Riddoch continued “We have a total of eleven projects in Business Bay and all our projects have been accepted extremely well by the industry. Looking at the excellent appreciation of Business Bay both as a preferred location and value, we are glad that DAMAC is part of the customer’s success by providing great properties and returns on investment.”
DAMAC Holding has now grown into a global conglomerate with more than 7000 employees in 18 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.
Further information is available at www.damacproperties.com
About DAMAC Properties
DAMAC Properties is part of DAMAC Holdings. DAMAC properties was established in 1995 and has grown into one of the most successful residential, leisure and commercial developers in Dubai and the Middle East, and is expanding rapidly into North Africa, Jordan, Lebanon, Qatar, Saudi Arabia and the Far East.
The company’s portfolio includes properties spread across 670 million square feet and is worth in excess of US$45 billion. By partnering with world renowned architects and designers, DAMAC Properties aims to develop schemes that include residential, commercial and leisure facilities that will create an integrated community.
The company’s schemes are located in the most desirable and exclusive locations and the homes are built to a high quality specification that has become synonymous with the group.
Driven by a passion for excellence, luxury and determination to delivers homes to its customers as quickly as possible, the company is working closely with contractors and providing the necessary support mechanism to deliver quality and timely completion of projects. The company is taking every step towards safeguarding its customer’s interest and will deliver 2300 units in 2008 and a further 7100 units by 2010.
DAMAC Properties manage all their projects from start to finish, the company’s diverse range of expertise allows them to control land purchase activity, appointment of architects and designers, construction and sales and after sales service. In addition to support services provided by their Dubai headquarters, the company’s comprehensive Customer Care Program provides solutions through its vast regional network with offices in the UK (London, Manchester, Reading, Leicester, Birmingham and Glasgow), Ireland, Italy, UAE, Russia, Jordan, Lebanon, Egypt, KSA and Qatar.
The parent company, DAMAC Holdings, has grown over the years from a specialist catering company established in 1982, into a multi-billion dollar corporation to become one of the largest organizations in the Middle East.
For further information, please refer to www.damacproperties.com
