Damac Properties has won the mandate to build two 30-storey towers, 'The Residences at DIFC', within the Dubai International Financial Centre (DIFC), as part of the latter's property development project.
Bookings will start on June 27.
Peter Riddoch, chief executive officer of Damac, said the company will invest Dh600 million to construct these identical towers on a 12,000 square metre area sold to the company by DIFC, the value of which was not disclosed.
The twin towers will be connected through a multi-storey podium and will have 216 flats each. These towers will feature a top deck, open air swimming pool, sauna, jacuzzi and gymnasium, according to Damac officials.
"The Residences will be offered to interested investors on freehold basis," Riddoch said.
"Construction is expected to start onsite in 2005 and is due for completion within three years. Financing will be basically from internal resources."
In February, bids were invited from investors for the land development projects announced by DIFC.
Official sources had told Gulf News that the project had attracted a good response from the region as well as from the West.
The DIFC land development plan envisages creation of state-of-the-art infrastructure and scores of high-rise buildings on the 110 acre site within six and a half years.
The land earmarked for DIFC is divided into eight districts.
Riddoch said the expansion of Damac Properties to the city's newest financial hub was part of its plans to further develop and expand its property portfolio which currently includes seven properties that are currently under construction across master development projects on the Palm Islands in Jumeirah and Jebel Ali, Jumeirah Lake Towers as well as Dubai Marina.
"DIFC is another step that will see the emirate expand and grow and establish a name for itself in the financial industry, and Damac is very proud to be part of such plans and help support the activities of this financial centre," Riddoch noted.
Damac is among the largest private sector property developers in the country.
The group operates in 16 countries in the Middle East and employs over 5,000 people.
Its business interests range from industrial catering to franchised restaurants, product manufacturing, education, insurance, global stock market investments and property developments including hotel and multi-million waterfront properties.
Gulf News
