Exclusive Park Avenue Shopping District to be Built by 'First Class' Builder

Cairo September 16th, 2010: Luxury developer DAMAC Properties has awarded the main construction contract for the first phase of its exclusive shopping mall project 'Park Avenue' at New Cairo.  

Industrial construction and engineering company SIAC will begin works on 'Park Avenue,' which is at the gateway to the Hyde Park residential development. SIAC has been rated first class by the Egyptian Federation for Construction and Building Contractors. "This milestone further displays DAMAC's commitment to deliver luxury by partnering with a prominent quality main contractor such as SIAC" said Alaa Ayoub, CEO of DAMAC Properties for Development.   

Park Avenue will be a high-end retail destination, and among the biggest in the Middle East, with over 1700 shops at New Cairo. "It will be a relaxing and indulgent experience for shoppers, as they browse the designer brands" said Mr Ayoub.

DAMAC is the master developer for the entire project at New Cairo, which includes the Park Avenue Shopping district, luxury villas at Hyde Park and a touch of Paris at the French architecturally inspired Centre Ville apartments. Park Avenue will overlook a lush central public park, and will be easily accessible via arterial highways.

The project will be developed in three phases. As part of phase one, SIAC will construct 309 retail units over a built up area of 29,206sqm.

DAMAC Properties, part of DAMAC Holdings was established in 2002, as a private residential, leisure and commercial developer in Dubai and the Middle East. Since then, DAMAC Properties has expanded rapidly into North Africa, Jordan, Lebanon, Qatar and Saudi Arabia.

2009 was labelled the 'Year of Construction' at DAMAC Properties, during which it aggressively focused on construction and contract delivery to trusted and quality contractors.  DAMAC Properties have already delivered more than 3500 units into the market with projects at IMPZ (The Crescent), TECOM (Executive Heights), JLT (Lake View and Lake Terrace), Jumeirah Village ( Emirates Gardens) and the Marina (The Waves and Marina Terrace) already been delivered. The company is expected to have handed over approximately 7,100 in total by mid 2011 across the GCC region. Currently there are 12,500 units under construction across the region.

In June 2010, DAMAC Properties further reinforced its position as a premium developer with the launch of DAMAC Tower in Beirut, Lebanon. A 28 iconic tower, this project is in association with Italian design group, VERSACE, with all interiors being designed by Versace Home.

DAMAC Properties has a diverse range of expertise that allows them to have a good oversight and management of all aspects of a project right from the acquisition of land, appointment of architects and designers, construction and sales to after sales service. The company's projects are located in the most desirable and exclusive locations and homes are built to a high quality specification that has become synonymous with the group. DAMAC Properties aims to develop projects that include residential, commercial and leisure facilities that will 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, Jordan, Lebanon, Egypt, KSA and Qatar.

-Ends-

Further information is available at www.damacproperties.com 

For more information please contact: Niall McLoughlin, Senior Vice President - Corporate Communications, DAMAC. Tel: +971 4 04 3732190 │ Fax: 00 9714 3732335 │Mobile +971 50 6531824. emaiI: niall.mcloughlin@damacgroup.com

Salah El Din Aloui
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© Press Release 2010