Damac Properties Celebrates Successful 2008

Damac properties has certainly become one of Dubai’s largest and most popular developers in the past few years and now looks to be reaping the rewards. The developer, who has made its name by building a huge range of luxury apartments throughout Dubai, has just announced AED 500 million profits for the first 9 months of 2008. Damac dubbed 2008 as its ‘year of construction’ and the company has been making a large commitment to successful contract and building delivery. With projects already throughout the UAE, Saudi Arabia, Qatar, Jordan and Egypt plus with projects soon to get underway in India and Morocco Damac is a company on the up. And even the current real estate slump isn’t giving them too much cause for concern. Damac believe the property correction will be beneficial to the long term health of the UAE property market. With most projects already sold out and paid for by customers, Damac has all the funds needed to meet its commitments despite current market conditions in Dubai real estate.

And one of Damac’s current under construction projects is the Ocean Heights Tower at the ever popular Dubai Marina. The tower is currently seeing a rapid speed in its development with a new floor in the tower being constructed very 5.2 days! Building here really is taking place at an impressive rate, and it won’t be long until all 84 stores of the tower are up and finished. Now coming up to the 30th floor, the building is starting to take shape, and you can now just start to see the unique design of the tower that made it such a hit, come through. For those not familiar, the tower will feature twisting architecture and should become one of Dubai’s stand out buildings.

The company has already handed over 571 units at its Lake Terrace Tower at Jumeirah Lake Towers and has another 7000 units that should be ready for handover in 2009 and 2010. This plus awarding over 60 contracts in the first 9 months shows that Damac has certainly been busy throughout 2008. The company has clearly enjoyed a successful 2008 but will find the going much tougher next year. However with well run and successful developers such as Damac operating in Dubai it does bode well for the future of future of Dubai freehold property.
 

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