This will be a 310 meter (1,017 feet) 82-storey tower, with 680 apartments

Dubai, 9th September, 2008: DAMAC Properties, one of the luxury lifestyle providers and region's leading private sector master developers, announced that its prestigious Ocean Heights residential tower project has reached the 14th level. Ocean Heights is one of the many freehold towers being built in the Dubai Marina, which is located opposite to Le Meridian Mina El Seyahi. Ocean Heights will be a 310 meter (1,017 feet) 82-storey tower, with 680 apartments.

The AED1.5bn ($408m) free hold residential tower will contain 1, 2, and 3 bedroom apartment units from 722 to 1,515 square feet and will feature 9 units of Signature Series Apartments from the 67th to the 75th floor and Duplex apartments from the 76th to the 81st floor.

Peter Riddoch, CEO of DAMAC Properties, said: 'We are highly delighted to see the development of Ocean Heights and we are proud to have already reached the 14th floor in a short period with the highest quality standards. It is a very important time for us as we have recently handed over 572 units at Lake Terrace and will continue delivering to our customers.'

"Furthermore, in 2008, DAMAC will also deliver 527 units in Lake View located at Jumeirah Lake Towers, 192 units in Executive Heights project at TECOM, 198 units in Tera Del Sol 1&2 and 848 units of The Crescent, located at IMPZ.  In 2009/10, we will deliver a further 8000 units," added Mr. Riddoch.

'AEDAS is the lead architect for Ocean Heights offering tailored customized services and accommodating the needs of every development. Their international experience extends across a range of projects, private and public. Having AEDAS on board ensures that we deliver the highest level of architecture and creative design. DAMAC projects are designed with passion and vision aimed at becoming the Middle East's most prominent luxury focused private sector master developer,' he added.

Amenities at Ocean Heights will include an outdoor leisure deck with a temperature-controlled swimming pool, gymnasium, sauna, steam room, game room and children's play area. Other amenities included are coffee and juice bars, restaurants, 24-hour security, concierge desk, and housekeeping services.

DAMAC Properties, the luxury lifestyle provider and region's leading private sector master developer, has bagged five awards this year according to the recent announcement made by CNBC Arabian Property Awards 2008. DAMAC won the award in all the five categories that it entered. The awards will be presented in a glittering gala dinner to be held in October this year.

-Ends- 

About DAMAC Properties
DAMAC Properties is part of DAMAC Holdings. DAMAC properties was established in 1995 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, Saudi Arabia and the Far East.

The company's portfolio includes properties spread across 670 million square feet and is worth in excess of US$ 45 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, luxury and determination to delivers homes to its customers as quickly as possible, the company is working closely with contractors and providing the necessary support mechanism to deliver quality and timely completion of projects. The company is taking every step towards safeguarding its customer's interest and will deliver 2300 units in 2008 and a further 7100 units by 2010.

DAMAC Properties manage all their projects from start to finish, the company's diverse range of expertise allows them to control 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, Italy, UAE, Russia, Jordan, Lebanon, Egypt, KSA and Qatar.

DAMAC Properties were recently awarded five CNBC Arabian Property Awards for 2008. The accolades included awards for Best High-Rise Architecture for their Marina Bay Project in Abu Dhabi, Best Development for their Hyde Park project in Cairo, Egypt, Best Marina Development, also for Marina Bay in Abu Dhabi, Best Property Marketing awards for the Dubai Shopping Festival 2008 campaign and Best Developer Website for the third consecutive year - www.damacproperties.com.

The parent company, DAMAC Holdings, 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.damacproperties.com

For more information please contact:
Niall McLoughlin,
Senior Vice President - Corporate Communications,
DAMAC
Tel: +971 4 3322005 Ex 383
Fax: 00 9714 3311028
Mobile +971 50 6251329
emaiI: niall.mcloughlin@damacgroup.com

Prem Ramachandran, Manager - Corporate Communications,
DAMAC Properties
Tel: 00 9714 3322001
Fax: 00 9714 3311028
Email: prem@damacgroup.com

© Press Release 2008