After a Spate of Headline-Grabbing Project Launches, 2014 to be Key year for Delivery;

DAMAC Properties Hands Over More Than in 150 Units to New Owners in the Past Month

Dubai, United Arab Emirates: 24 June 2013: Dubai's leading real estate developers are placing huge weight in the delivery of projects, following a spate of high profile announcements. 

With the resurgence in property prices over the past 18 months, a host of projects have been brought to the Dubai market as demand drives a second phase of development - but there is also a great deal of building work taking place in the city.

Buyers are returning to the market in big numbers, with more stringent and protective legislation providing reassurance and confidence in the market. The Dubai Statistics Centre recently announced that 736 buildings were completed in Q1 2013, a 6.6% increase compared to the previous quarter, with a value of AED 3.73 billion, against AED 3.5 billion.

The report also indicated that multi-story buildings had the largest share of the delivery in Q1 2013, making up 39%, with a value of AED 1.44 billion, against AED 1.34 billion in Q4 2012.

"It can't just be announcements; it is critically important to show action and consistent progress," said Ziad El Chaar, Managing Director, DAMAC Properties. "Dubai will define its global position in the coming couple of years as international investors watch the speed of delivery for these major projects."

"Alongside a prime location and a luxurious living environment, delivery timelines is now one of the top three deciding factors for any buyer," added El Chaar. "Clients want to look at your track record of delivery to ensure you deliver what your promise."

DAMAC Properties has launched a number of iconic projects across the region in recent months, including a host of luxury serviced hotel apartments in the Burj Area of Dubai and Riyadh, KSA.

In December 2012, The Distinction - a 195 metre, 53-storey, iconic tower in the Burj Area, was announced and in just six months the project has already passed the third floor of development. The luxury serviced hotel apartments will be completed by the first quarter of 2015.

At the start of last year DAMAC Properties announced Upper Crest - overlooking the world's largest tower and within walking distance of the world's largest shopping mall. The 44-storey tower is fully-furnished with serviced studios, one, two and three bedroom apartments. The project has already moved past the sixth floor and will be ready to handover by the end of next year.

The company has also continued its fast-paced development overseas, with DAMAC Esclusiva, its high-end, luxurious serviced hotel apartments tower in the heart of Riyadh, Saudi Arabia. Styled with interiors by FENDI Casa, the sought-after development was launched in February and is already developed past the third floor.

Many clients are also currently moving into their new homes. Nearly 100 owners have taken handover this month at the Residence at Business Central, with people already living in the luxury private apartments with views across the Burj Area.

More than 50 clients in June have also taken handover of their new units in The Signature - DAMAC Properties' first luxury serviced apartments unit to open, which will be managed by DAMAC Maison. Across the road from Dubai Mall, The Signature is a stunning development in a prime location, offering the most opulent interiors and unrivalled customer service.

DAMAC Properties has already completed 8,890 units to date, with a further 5,193 units to be completed before the end of the year - 2,810 of which will be serviced hotel apartment, positioning the company as one of the largest Hotel Apartment operators and developers in the world.

Further information is available at www.damacproperties.com

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About DAMAC Properties:
DAMAC Properties was established in 2002, as a private residential, leisure and commercial developer in Dubai and the Middle East. In the past decade, DAMAC Properties has expanded rapidly into Iraq, Jordan, Lebanon, Qatar, Saudi Arabia and North Africa.

DAMAC Properties has completed 8,890 units to date spanning 9,070,264 sq. ft. it also has a further 19,136 units at various stages of progress across the Middle East  region covering 23,816,070 sq. ft. out of which 5,193 units will be completed in 2013.

In October 2011, DAMAC Properties launched its hospitality division, DAMAC Maison, which will provide bespoke services to residents in 7,957 serviced hotel apartments, across 8,280,507 sq. ft. by the end of 2016, with 2,810 serviced hotel apartments will be completed this year. This will position the company as one of the largest Hotel Apartment operators and developers in the world.

In June 2010, DAMAC Properties further reinforced its position as the region's premium developer with the launch of 'DAMAC Tower' in Beirut, Lebanon. A 28- storey iconic tower, this project is in association with Italian design group, VERSACE, with all interiors being designed by Versace Home. This was followed by the DAMAC Residences with Interiors by Versace Home, launched in Jeddah, Saudi Arabia in June 2011.

DAMAC Properties is also developing two iconic projects in collaboration with FENDI Casa. The stylish Italian fashion house will provide the interior designs on luxury serviced hotel apartments in 'DAMAC Esclusiva' in Riyadh and private apartments in 'DAMAC Residenze' in the Platinum real estate strip in Dubai Marina.

The company is also developing a US$1 billion hotel and luxury serviced residences in the Burj Khalifa area of Dubai, called 'DAMAC Towers by Paramount', which will comprise the first Paramount Hotel & Residences in the region and DAMAC Maison serviced units - Paramount co-branded serviced hotel residences.

In May 2013, DAMAC Properties announced plans to develop an 18-hole PGA Championship Golf Course, named Trump International Golf Club, Dubai at the heart of the 28 million square foot 'Akoya by DAMAC' master plan development off Umm Sequim Road in Dubai, which will include mansions, villas and luxurious apartment units.

In the same month, DAMAC Properties has announced a comprehensive strategic plan to expand its operations to Iraq, with the launch of Princess Tower - a 26-storey, luxury furnished apartment complex in the heart of the Iraqi capital, Baghdad.

The company's projects are located in, or create, the most desirable and exclusive locations and are built to the highest quality specification that has become synonymous with the group. DAMAC Properties' develop projects that include residential, commercial and leisure facilities that create an integrated community.

In addition to support services provided by the Dubai headquarters, the company's comprehensive Customer Care Program provides solutions through its vast network with offices in the UAE, UK, Jordan, Iraq, Lebanon, Egypt, KSA and Qatar.

Further information is available at www.damacproperties.com or join DAMAC Properties on Facebook, Twitter (@DAMACOfficial) and YouTube.

For further information, please contact:
Shaahima Fahim
TRACCS Public Relations
Tel: 04-3672530
TRACCS Media Hotline: +971509448389
Email: shaahima.fahim@traccs.net

© Press Release 2013