Frame Structure of Ocean Heights Completed

DAMAC Properties, the provider of luxury lifestyle and the pillar behind several other projects, announced the completion of the concrete frame of the tallest tower in Dubai Marina along with its development at Ocean Heights standing high at 84 floors.

Ocean Heights is the flagship of DAMAC and is expected to become one of the most iconic buildings of the area. With its twisted architecture, it already is being visible above all others in the surrounding area.

The Chairman of the main contractors Arabtec, Mr. Sajwani said, “This is a significant day for DAMAC Properties - the structural completion of our flagship building is a source of great pride and an occasion that we are glad we have been able to mark with the support of RERA, Arabtec and so many of the staff who have worked on site for the past three years. To think that this magnificent building has been constructed in a little less than two and a half years is a testament to their efforts and I pay tribute to their hard work and accomplishments. This has been a turbulent 12 months for everyone involved in real estate and it is therefore all the more impressive that everyone involved has remained so focused and dedicated to the task at hand. We are delighted to be literally ending this year on a high by finishing our tallest building.”

He added, “As a contractor we are always proud to be associated with quality projects and it is pleasing to be here to commemorate this milestone event for DAMAC Properties as we finish the main construction of Ocean Heights,' he said."A large part of our philosophy at Arabtec is to work hard with developers to build a relationship and to work together as one team on challenging projects like this. In the light of some of the recent negative news and speculation, I believe it is even more important that we recognize the efforts and achievements of everyone involved in the construction of Ocean Heights and celebrate how significant they are. Once completed in 2010 Ocean Heights will eventually offer 680 apartments ranging from one to three bedrooms. In addition the building will feature DAMAC Properties' Signature Series penthouse range - ultimate luxury apartments with the latest in hi-tech gadgetry and luxurious home comforts.”

DAMAC Properties Completes Structures Of Two Prime Towers

Damac properties are a luxury style provider to the residents of the UAE. It has recently announced that two of its projects have officially reached the top level at Business Bay. These two properties are: The XL Tower and Business Tower. Each building has reached the level of 18 and 19 floors respectively. Moreover, another building that is the twin tower development at nearby DIFC, the Park Towers is also expected to reach the top floor within next few weeks. This year, the total structural buildings announced by Damac Properties reaches four so far along with Lago Vista at IMPZ and Smart Heights at Tecom.

The Chairman of CSHK Dubai Contracting Fu He and the CEO of Damac Properties, Peter Riddoch performed a special ceremony in order to mark this major event. The construction of these two towers forms a part of the portfolio of the eight projects that are currently under way in Business Bay area. Riddoch said: “We are delighted to mark the structural completion of these first two towers in the Damac family of properties planned for Business Bay. It is has been a great pleasure to work with the teams from CSHK, who have totally lived up to their reputation of being focused and committed to deadlines.”

Business Tower which is on the verge of completion is one of the DAMAC’s signature commercial buildings featuring innovative office designs which is all based on the leading edge. Moreover, the form of the tower is in response to the path of the sun as during the day it moves around the building thus, featuring maximum daylight into the offices. Mr. Riddoch further added: “These two office towers with light and airy spaces for people to work in and stunning views of the waterfront are truly typical of the type of buildings that are synonymous with the DAMAC brand – exclusive designs in prime locations. I look forward to further commemorating with CSHK the completion of XL Tower and Business Tower in the near future.”

Damac Properties Issues Tenders for Eight Projects

Damac properties are a globally renowned freehold real estate company in Dubai. It has been established in 1982 and today, is the leading Dubai property company. Moreover, Dubai based Damac Holding is one of the largest privately owned developers in the Middle East. It’s a luxury lifestyle provider which has announced the issuance of eight tenders in the month of August. The total worth of these projects is Dhs2bn. There is a complete list of projects for which the tenders are being issued which includes: Capital Bay, The Corner, Burjside Boulevard, Executive Bay, Park Central, Al Jawhara, Amber Residence and Lake Side. Apart from this, enabling tenders for Harbour Heights, Water’s Edge and Commercial Square have been issued.

The company has been criticized for non completion of some of the projects due to missing completion dates and deadlines. The General Manager of Operations of Damac Properties, Mr. Ziad El Chaar said: “The first half of the year we have made significant progress. We delivered over 2,300 units and we will continue to be aggressive on delivery. Continuing with the momentum of the year, in July we have issued 8 new tenders. In the next two years our aim is to have delivered a total of 25 towers totaling to 7,100 units.”

Damac properties have announced that earlier this year, three of the projects will get completed including The Crescent projects, Executive Heights and Lake View. Moreover, there is a notable progress going on various other projects. A floor is being built in every 5.2 days at the Ocean Heights tower in Dubai Marina which is now at the 71st floor. Floors are also being constructed at Park towers at DIFC. At Damac the years 2008 and 2009 have been busy years. A lot of hard work is involved by its team and other contractors involved within the projects thus, the year 2009 is heading towards the ‘Year of Delivery’.

Enabling Works Contract Awarded Damac Properties for Marina Bay

Damac Properties is a Dubai based real estate developer hat has been awarded with a contract worth Dh 7.5 million for facilitating works at Marina Bay construction in Abu Dhabi. Marina Bay is a well designed mixed use development comprising of retail and commercial space, a 25 storey tower offering two and three bedroom apartments, facilitated shops, restaurants etc. The Chairman of Damac Holdings, said, “We are delighted to see that work on site at our Marina Bay development will commence very soon and that we can begin the process of building this truly stunning tower at such a fantastic location.”

Marina Bay is a prime development offering canal views through the entire development. At the prestigious CNBC awards 2008, this property in Abu Dhabi won two awards for the Best Marina Development and another one for Best High-rise Architecture. Peter Riddoch, CEO of Damac properties commented: “Abu Dhabi is a very significant marketplace for Damac Properties and we know that the location of our Marina Bay tower will be hugely attractive to customers.” More than 3000 units have already been delivered by this property developer in Dubai into the marketplace. Further, by the end of 2010, they are committed to deliver 7100 more units.

Damac properties have already completed the enabling works for this particular project and apart from this the second project being Oceanscape in the Shams area of the capital. Recently retail units have been launched for sale in the already enabled development. Peter Riddoch added: “We have made a clear commitment to progress and construction during 2009 and the enabling works starting at Marina Bay is just a typical example of how we are demonstrating this commitment. We look forward to the successful completion of this important foundation work within the next few months.”

Damac Properties Begins Cladding for Iconic Property: Park Tower

One of the leading Dubai real estate developer Damac Properties has commenced cladding on its luxurious property in Park Tower situated in Dubai International Financial Centre. The North and South Tower have reached 25 and 22 storeys respectively, being now visible at the DIFC skyline. Damac Properties have got into contract with Arabian Aluminum and the contract is worth Dh120 million. This contractor has the cladding of Burj Arab, to its credit. The Park Tower’s façade would comprise of aluminum and glass cladding. However, externally the building would have double glazed triangular panels set in aluminum framing.

The uniquely shaped two buildings, in this development, are expected to have their construction completed by the beginning of 2010. This development by Damac Property is Dubai’s most swiftly growing financial centre. This stunning property in Dubai would offer 400 apartments for sale in Park Towers and would give their client a huge range of size to choose from. This property would be beautifully finished with double gazed glasses, and would overlook the growing DIFC landscape.

CEO of Damac Properties Peter Riddoch commented on the progress of The Park Towers contruction. He said:
“It is fitting that we should record a double achievement on our twin tower building - with the 25th floor now in sight and cladding on the outside of the building already under way.

Park Towers will be a truly stunning building when it is finished and the cladding is an integral part of its striking design. We are delighted to be working with Arabian Aluminum on this part of the project and also commend the solid progress shown by our main contractor Shapoorji Pallonji - which is even more commendable in the light of their impressive safety performance on site as well.

To have reached the impressive milestone of 5m man hours since construction began without a single Lost Time Incident is a testament to the teamwork and co-ordination on site among all the staff and I want to thank them for the efforts they have made.”

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.