DAMAC Properties welcomes continuous progress at first Business Bay project
March 29th 2009: Luxury lifestyle provider, DAMAC Properties has announced that construction at its XL Tower, a modern and elegant commercial tower located at Business Bay, has reached the third floor.
The building, being constructed by CSHK Dubai Contracting (LLC) - a group member of China State Construction Engineering (Hong Kong) Ltd is one of two DAMAC projects they are constructing – the second one being ‘Business Tower’ also at Business Bay.
XL Tower reflects a unique elliptical design and provides a total of 161,700 sq.ft. of commercial space to the market. 153,000 sq.ft. will be office space and 8,700 sq.ft. will be dedicated to retail at ground level including shopping arcade, covered walkway, and parking for staff and customers.
“XL Tower is progressing well as per our plan. The pace at which CSHK is operating is encouraging and I am confident that customers will be pleased to move into this state-of-the-art seamlessly integrated property,” Chairman and Founder of DAMAC Holding, Mr. Hussain Sajwani. ‘’ Our continuous progress is testament to our long-term confidence in the real estate market in Dubai and we will continue to focus on our delivery goals.”
On the current market conditions, Mr Peter Riddoch, CEO of DAMAC Properties said that, “The current market correction, presents an opportunity. The current scenario seems painful in the short term but such fluctuations are part of the natural cycle of a growing and maturing property market. No market can beat the supply and demand battle; the market will stabilize and will grow. The underlying demand for property in the Middle East is very strong compared to other parts of the world.’’
Mr Qin Jidong, Deputy Chairman, CSHK Dubai Contracting said that, “We have a proven track record of delivering world class projects and have contracted extensive projects across the region. CSHK plays an active role in the industry by means of sound and responsible management. We have been aggressively driving towards high quality and technically complicated projects.
He added: ‘’We have completed more than 500 projects in over 20 years and have undertaken a number of mega size projects of multi-discipline nature, including industrial, commercial and residential buildings, hospitals, hotels among other projects. We are proud to bring this wealth of experience to the Middle East”.
“We are pleased to build two prestigious projects for DAMAC Properties at Business Bay. XL Tower is a modern and elegantly designed commercial tower that serves as an ideal business location. The tower is equipped with parking on 7 levels with 24-hr security, swipe access, hi-speed internet, and a host of leisure activities like outdoor swimming pool, outdoor jogging track, gymnasium, health club and cafeteria,” concluded Mr. Jidong.
XL Tower project also recorded one of the largest concrete pour in the company’s history when a total of 5,500 cubic meters of concrete was poured in 25 hours.