DAMAC Properties Awards LL100.5 Billion Main Contract for Versace-branded Residence in Beirut

Sun, 18 Dec, 2011


The Middle East’s largest private luxury developer, DAMAC Properties, has announced it has awarded the main construction contract for its Versace-branded residential development, ‘DAMAC Tower’ in Beirut, Lebanon.

The LL100.5 billion (USD 67 million) contract has been assigned to MAN Enterprise S.A.L, for the construction of the first Versace-branded residential tower in the region. The award of the main contract follows the completion of the enabling works by ZETAS Apex Foundation Technologies.

“We have already sold forty per cent of the tower, which is a remarkably high percentage for a development which is now beginning to progress beyond the foundations.

“Once we reach above the podium levels, we expect construction to progress at an advanced pace, which will likely result in a dramatic acceleration of sales as we proceed towards completion” said Ziad El Chaar, Managing Director of DAMAC Properties.

MAN Enterprise is an international leader in the construction industry, with forty years experience in the MENA region and the Levant.

“We are looking forward to working with DAMAC Properties on such an iconic project for this region, and what will inevitably become a landmark in Beirut. DAMAC Tower is an architectural marvel and we relish the opportunity to be involved with a project of this calibre” said Michel Abi Nader, Chairman of MAN Enterprise.

The 28-storey tower overlooking the exclusive Solidere Marina is a stunning blend of exquisite Versace interiors, unique architectural design, in an enviable location on the shores of the Mediterranean. DAMAC Tower was last year recognised with the highest global property accolade, receiving an International Property Award for ‘Best High Rise Architecture.’

“Since we received the international property award last year we have been inundated with enquires from all over the world. The international award recognised DAMAC Tower on the global stage, and distinguished the project as one of the most highly regarded residential developments in the world” El Chaar added.

“We are delighted to be working with a trusted developer like DAMAC Properties, which has a proven track record of delivering some of the most luxurious properties in the Middle East and Levant. Versace collaboration with DAMAC Properties represents a synergy of design and function” commented Gian Giacomo Ferraris, CEO of Versace Group.

DAMAC Tower will feature spacious private units equipped with custom designed interiors. All the common areas including the health and fitness facilities, the concierge reception, and the main lobby will feature Versace Home products.

“DAMAC Properties’ partnership with Versace, the world-renowned Italian fashion house synonymous with glamour and luxury, defined the interiors of DAMAC Tower. The shared vision of the two companies has combined to deliver the most prestigious and sought-after property in Beirut” said El Chaar.

DAMAC Properties has an exclusive partnership with Versace Home in the Middle East. A year after the announcement of ‘DAMAC Tower’ in Lebanon in mid 2010, the developer launched ‘The Residences with Versace Home Interiors’ in Jeddah at Harrods in London.

Whether a property is being purchased as an investment, or as a place to live, distinguishing features are becoming increasingly important to ensure continuous growth to the value of the property. Interior design is one of the main reasons a customer will choose to purchase a particular apartment over another of similar specifications. After location and internal floor space, interior design can be a defining factor in the purchase decision.

“Investors and homebuyers alike are searching for something unique, and our partnership with Versace creates a point of difference compared to other residential properties on the market” El Chaar noted.

Established nearly a decade ago as a private residential, leisure and commercial developer in Dubai and the Middle East, DAMAC Properties has since expanded rapidly in North Africa, Jordan, Lebanon, Qatar and Saudi Arabia.

Where other developers promise much, but often deliver little, DAMAC Properties has developed more than 13 million square feet of land across the Middle East, with another 17 million square feet currently under development. The company has completed 36 buildings to date, comprising of 7374 units. In addition, there are another 50 buildings, comprising of almost 10 thousand units, at various stages of construction across the Middle East and North Africa region.

“There are very few developers in the world who could claim to match what we have been able to achieve over the past two years, and across such a diverse range of regional markets. We have a proven track record for delivering some of the most luxurious residential properties across the Middle East region, we are well capitalised and we have the vision and momentum to provide solid investment opportunities to our customers in the future” El Chaar concluded.
DAMAC Properties is an experienced regional developer, recognised for delivering high quality, luxury residential projects to investors as well as end users. The developer is offering a range of investment options for astute investors seeking to enter Lebanon’s property market.