Since the launch in 2002 'Marina Terrace' enjoys 207 per cent appreciation and 'The Waves' 162 per cent

Dubai, November 27th, 2006: Commemorating the successful completion of its first two projects, luxury lifestyle providers, DAMAC Properties showcased 'Marina Terrace' and 'The Waves' to proud residents recently. Both the landmark projects are located within the stunning Dubai Marina master planned development. "Building a luxury brand requires time and commitment taking each aspect of the project from inception, design to final delivery. We are committed to luxury living and we have delivered on our promise," said Hussain Sajwani, Chairman, DAMAC Holding.

The Marina Terrace project that was launched in 2002 has appreciated to 207 per cent and had an annual appreciation of 51 per cent. The Waves project in Dubai Marina that was launched in the same year had an annual appreciation of 42 per cent and the total appreciation is 162 per cent as of today. Both these projects have been handed over to the residents.

"Today, we are proud to have achieved our mission of delivering two world-class projects to our valued residents. We would like to take this opportunity to thank them for their confidence in us and also the support that they have provided us in making these projects a grand success," added Mr. Sajwani.

In line with the government's introduction of freehold ownership, DAMAC was the first to introduce iconic properties on all the freehold master planned development launched by Dubai and Abu Dhabi governments. Throughout the spectrum of 52 buildings launched to date, DAMAC Properties provides a luxury lifestyle that is second to none.  The total value of DAMAC Properties' projects is over US$4 Billion. It is a subsidiary of the DAMAC Holding established in 1982.

"Both these projects from DAMAC Properties have raised the standard of luxury living to new heights. The projects offer all residents a lifestyle that is second to none with amenities that you typically find in any leading, highly luxurious five star hotels around the world," said Peter Riddoch, C EO at DAMAC Properties.

DAMAC's Marina Terrace is an intelligently designed 500,000 sq.ft residential tower with luxury condominiums, adorned with a stunning array of modern amenities. The residents could choose from a range of elegant 1, 2 and 3 bedroom apartments, with every apartment overlooking the picturesque Dubai Marina for an exclusive lifestyle.  Amenities include a temperature controlled large swimming pool, separate children's pool, health club, large steam and sauna room, spa bath, tennis court, gymnasium and barbeque area. 

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.

The company's second project was 'The Waves' at Dubai Marina. The modern design of the Waves project, the spectrum of state-of-the-art amenities, along with its breathtaking view of the Marina makes it one of the most sought after destinations in new Dubai. The project is a 600,000 sq.ft two tower residential development, offering 230 apartments with the highest international standard finishing and world-class recreational facilities, including a water park, banquet hall and meeting room, gymnasium, health club, as well as children's play area.

DAMAC Properties this month also launched 'La Residence at the Lotus', the company's first residential tower in Business Bay. Often referred to as the upcoming Manhattan of the Middle East, Business Bay is Dubai's freehold commercial and business cluster strategically located off Dubai Creek and extending all the way to Sheikh Zayed Road.

Luxury lifestyle provider and the region's leading private sector developer, DAMAC Properties, 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.

"Luxury brand development is time consuming; however we have accelerated the process through our commitment, customer service and world class quality standards. Today, DAMAC Properties stands for high end luxury and high investment returns," concluded Peter.

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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

© Press Release 2006