Company conducts a deal with leading private property firm
Dubai, UAE (28th February 2005) DAMAC Properties announces today the sale of all retail in its Marina Terrace project to MB International Holdings, a leading private property company that owns and manages commercial and residential properties in the UK, the Mediterranean, East Europe, and Dubai.
The sale demonstrates confidence from outside buyers in DAMAC's stunning Marina Terrace project, as well as the Dubai Marina upscale development. It is another pillar of success in Dubai's retail sector.
Dr. Bodani, co-owner of MB International Holdings comments on the sale, "Both parties are very excited about this project and the opportunity and we look forward to our relationship developing with DAMAC Properties."
Marina Terrace sets new standards for opulence, exclusivity, and luxury living. Its super-contemporary design and sensibility exudes grace and style. Designed to accommodate those accustomed to quality and service, Marina Terrace offers every comfort, convenience and pleasure in a portfolio of amenities that redefine prestige. Every apartment in Marina Terrace is designed to maximize the panoramic views from Dubai Marina's finest waterfront location.
MB International Holdings intend to lease the freehold retail space with a combination of high-end restaurants, coffee shops, boutiques, as well as convenience shops, such as a pharmacy and a dry cleaning collection service.
"We are extremely proud of Marina Terrace, a design that we feel accommodates every aspect of modern living. DAMAC Properties will use its extensive experience to assist MB International Holdings in securing the quality tenants that this project deserves." Said Peter Riddoch, Chief Executive Officer, DAMAC Properties
Dr. Bodani added: ''we are delighted to be offered this opportunity to invest in an excellent quality retail space in a prime location developed by DAMAC. We feel that Marina Terrace offers a mix of luxury, convenience and modernity.''
The total value of DAMAC Properties' projects is over AED 6 billion. It is a subsidiary of the Damac Group established in 1982. An accredited ISO 9002 company, the Damac Group has now grown into a global conglomerate with more than 5000 employees in 16 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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© Press Release 2005
