Damac Properties, a major private sector master developer in the region, plans to deliver over 2,300 units in 2008, followed by an additional 7,100 units in 2009/10.
The announcement was made as the company delivered 572 units of its iconic Lake Terrace project at Jumeirah Lake Towers.
In 2008, Damac will also deliver 527 units in Lake View located at Jumeirah Lake Towers, 192 units in Executive Heights project at Tecom, 198 units in Tera Del Sol 1&2 and 848 units of The Crescent, located at IMPZ. In 2009/10, they will deliver a further 7,100 units.
Sharing insights on Damac’s focus and determination on delivery of projects, Hussain Sajwani, chairman of Damac Holding, said: “There are over 2,100 projects either planned or under way in the Gulf region and over 23 per cent of these projects are located in Dubai. The property boom in the region, especially Dubai, has far exceeded the region’s capabilities to develop these projects on time. The region has been facing a steep challenge on delivery of projects due to shortage of quality contractors and the rising costs of construction material. The delivery of our Lake Terrace project is a step towards our commitment and focus on completion of projects.”
He further added: “2007 saw a far slower pace of completed projects, with handovers of only 11,000 units of the expected 57,000 units across the region. In 2008, Damac will deliver over 2,300 new units and we expect to deliver an additional 7,100 units in 2009/10. To keep up to our commitment, we are working closely with all our contractors and providing them the necessary support mechanism towards timely completion of projects.”
Lake Terrace is situated in close proximity to some of Dubai’s landmark sporting, leisure and recreational facilities. This high-rise tower incorporates extensive recreational amenities and lawned areas and a dazzling variety of flora and fauna that breathe life into the view.
“Construction work is currently under way in many of our projects. 2008/09 and 2010 are big years for us -- not only do we plan to hand over a large number of apartments to customers but we are also focused on awarding new projects to contractors,“ said Peter Riddoch, CEO.
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