Construction will begin in January 2007 and is scheduled to take 27 months for final completion
Dubai, December 25th, 2006: Luxury lifestyle provider, DAMAC Properties, has appointed Shapoorji Pallonji (LLC) as the main contractor for this AED 600m Park Towers project at DIFC. The construction of the project will begin in January 2007 and is scheduled to take 27 months for final completion. The distinctively styled tower is reminiscent of The Gherkin in the City of London, and is fully linked to the DIFC by underground areas.
"Park Towers at DIFC will be built with highest construction standards offering the latest in services and living standards. DIFC will host leading financial service companies and investors and we plan to build the best for them to suit their requirements," said Peter Riddoch, CEO, DAMAC Properties.
The project includes 100,000 sq ft of retail space over two levels connecting into the DIFC retail spine and over 200,000 sq ft of high quality office space spread across 7 floors. Residential towers come with a mixture of penthouses, 1, 2 and 3 bedroom luxurious apartments along with a full range of leisure facilities including separate male and female health club, gyms, swimming pool, children's pool, juice bar, surf pool, golf simulator, arcade area, tennis court, crche, party room, barbeque and table tennis.
Park Towers involves over 1.7m sq ft including 3 basements and 7 podiums. Project will overlook Park Boulevard at the region's financial hub. Each of the towers will host a total of 216 units. The two towers will offer the best in amenities and services and are linked through a multistory podium that will feature restaurants and shopping and retail spaces.
The enabling works by APCC that commenced on Park Towers in October 2006 will be completed in January 2007.
Furthermore, DAMAC Properties recently won three prestigious awards at the CNBC Arabian Property Awards 2006. Property developer bagged the best development award for 'Oceanscape', best architecture award for 'Ocean Heights 2' and the best website award for the company's website - www.damacproperties.com. In December 2006, the company also won the IREF ME award for the best residential development in the UAE.
DAMAC Holding has now grown into a global conglomerate with more than 6000 employees in 18 countries. Being the first private sector company to make a commitment to Dubai's real estate market, DAMAC Properties has become the market leader with a strong sales record to its credit.
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ABOUT DAMAC PROPERTIES:
DAMAC Properties is part of DAMAC Holding. The company was established in 1996 and has grown into one of the most successful residential, leisure and commercial developers in Dubai and the Middle East, and is expanding rapidly into North Africa, Jordan, Lebanon, Qatar and the Far East. The company's portfolio of 52 towers is worth over AED15 billion. By partnering with world renowned architects and designers, DAMAC Properties aims to develop schemes that include residential, commercial and leisure facilities that will create an integrated community. The company's schemes are located in the most desirable and exclusive locations and the homes are built to a high quality specification that has become synonymous with the group. Driven by a passion for excellence, DAMAC Properties manage all their projects from start to finish. The company's diverse range of expertise allows them to control their land purchase activity, appointment of architects and designers, construction and sales and after sales service. In addition to support services provided by their Dubai headquarters, the company's comprehensive Customer Care Program provides solutions through its vast regional network with offices in the UK (London, Manchester and Glasgow), UAE, Iran, Russia, Jordan, Lebanon and Qatar. DAMAC Holding has grown over the years from a specialist catering company established in 1982, into a multi-billion dollar corporation to become one of the largest organizations in the Middle East. For further information, please refer to www.damacgroup.com and www.damacproperties.com.
Media contact:
Prem A. Ramachandran,
DAMAC Properties,
Tel: 00 9714 3322005
Fax: 00 9714 3311028
Email:prem@damacgroup.com
Agency Contact:
Ashutosh Gupta,
PanGulf PR,
M: +97150 2834339
ashutosh@batespangulf.com
© Press Release 2007