Damac Properties, a Dubai Real Estate Developer Aims At Meeting Delivery Schedule
Damac Properties has proclaimed that the company is focusing on meeting their delivery schedule. They are aiming at delivering 25 towers by 2011. Hussain Sajwani, Chaiman of Damac Properties, believes in looking at the market more optimistically. Also, he believes negative attitude or destructive talk would not help the market recover.
Sajwani said “The brand Dubai has suffered in the last few months due to negative rumours, gossip and speculation, which prompts me to reject the cynicism by looking ahead into the future of the property market in Dubai and talk about the recovery process. We have to talk about taming the current situation with our positive attitude towards the change& we need to lead by example”.
He also added “I have heard all kinds of rumors about Damac. We have adapted our business to meet the challenges that exist at the moment and we have had to take a long, hard look at our efficiency rates and our longer term projections and targets. The corrective measures we have taken have been prompted by viewing the road ahead. We are a successful company and I do not feel that I should refrain from talking positively about the future.”
Damac Properties has, also, declared that they would assign Dh2 billion worth deal for construction work to continue, in 2009. The company is expected to meet its target of delivering 7100 units by the end of next year. This year Damac Properties has delivered 800 residential units at The Cresent in IMPZ and 536 units at Lake View, Jumeirah Lake Towers. Damac Properties has declared, Park Towers at DIFC and Ocean Heights at Dubai Marina are nearly 40% complete. These properties are expected to complete their construction by 2011 and have 25 towers delivered.
"No one is pretending that these times are easy. We have had to alter our plans and change the way we do business, but we have tried to meet these challenges in the best way we can,'' he said.
"We were criticised by some for making what seemed harsh choices, but in making these tough decisions we have gone a long way to protect the future of the company," he added.
"We will continue to concentrate on those developments where construction is already under way. We will also monitor the market for the right time to revisit those projects which we had announced but not yet started," Sajwani said.
Sajwani said “The brand Dubai has suffered in the last few months due to negative rumours, gossip and speculation, which prompts me to reject the cynicism by looking ahead into the future of the property market in Dubai and talk about the recovery process. We have to talk about taming the current situation with our positive attitude towards the change& we need to lead by example”.
He also added “I have heard all kinds of rumors about Damac. We have adapted our business to meet the challenges that exist at the moment and we have had to take a long, hard look at our efficiency rates and our longer term projections and targets. The corrective measures we have taken have been prompted by viewing the road ahead. We are a successful company and I do not feel that I should refrain from talking positively about the future.”
Damac Properties has, also, declared that they would assign Dh2 billion worth deal for construction work to continue, in 2009. The company is expected to meet its target of delivering 7100 units by the end of next year. This year Damac Properties has delivered 800 residential units at The Cresent in IMPZ and 536 units at Lake View, Jumeirah Lake Towers. Damac Properties has declared, Park Towers at DIFC and Ocean Heights at Dubai Marina are nearly 40% complete. These properties are expected to complete their construction by 2011 and have 25 towers delivered.
"No one is pretending that these times are easy. We have had to alter our plans and change the way we do business, but we have tried to meet these challenges in the best way we can,'' he said.
"We were criticised by some for making what seemed harsh choices, but in making these tough decisions we have gone a long way to protect the future of the company," he added.
"We will continue to concentrate on those developments where construction is already under way. We will also monitor the market for the right time to revisit those projects which we had announced but not yet started," Sajwani said.
Labels: Damac Properties, dubai property, dubai real estate, property in dubai, property news, property search, real estate in Dubai, UAE News
posted by Property Reporter at
10:36 PM
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