DAMAC Properties Hands Over More Units than Any Other UAE Developer in 2011
Luxury real estate developer DAMAC Properties has announced at Cityscape that it has delivered more units in the UAE than any other developer in 2011.
DAMAC Properties has completed 21 buildings comprising of 4,072 units this year to date, which is more than its two biggest competitors combined.
"DAMAC Properties" primary focus for the past two years has been construction and delivery. We are one of a handful of Dubai developers that has still been building and delivering to customers even during the downturn.
"We have kept our promises to our customers and delivered a quality and standard of development which has continually surpassed expectations" said Niall Mc Loughlin, Senior Vice President of DAMAC Properties.
DAMAC Properties has completed a grand total of 36 buildings, comprising of 7,364 units, since the company was established in 2002. Of the 36 completed buildings, 30 have been completed since the onset of the recession in 2008.
"There is no other developer in Dubai which has been able to sustain the high standards of quality and the quantity of construction that DAMAC Properties has been able to accomplish since the onset of the recession. The proofs of our achievements are highly tangible and visible for all to see" Mc Loughlin pointed out.
Among DAMAC Properties" notable handovers in 2011 is the 84-storey luxury "Ocean Heights" tower in Dubai Marina. The tower, comprising of 612 units, was handed over at the beginning of 2011, and received extremely positive feedback from customers. The Ocean Heights handover was shortly followed by the delivery of the three tower development "Lago Vista" at I.M.P.Z., which consisted of 1020 units.
"If you look at our track record, on average we have been constructing about 15 units a week since we started. For a company that has been in operation for less than a decade, we have certainly achieved some noteable milestones" Mc Loughlin commented.
Since the onset of the recession in 2008, DAMAC Properties has completed the following residential projects:
- The Crescent - 3 buildings
- Emirates Gardens - 6 buildings
- Ocean Heights - 1 building
- Lago Vista - 3 buildings
- Business Tower - 1 building
- XL Tower - 1 building
- Smart Heights - 1 building
- Park Towers - 2 buildings
- Emirates Gardens 2 - 6 buildings
- Tuscan Residence - 6 buildings
Investor confidence in the UAE is now at its highest level in 12 months, according to the latest FPI investor sentiment survey. Investors are upbeat about the outlook for the UAE economy, with almost 60% of investors predicting that investment markets will improve over the next six months.
DAMAC Properties has seen a marked increase in sales enquiries since the end of Ramadan. The developer believes this is partly due to increased investor confidence in the region, and partly due to DAMAC Properties' current selection of quality inventory.
"Our projects are innovative and luxurious, and there will always be demand for the type of high-quality developments produced by DAMAC Properties" Mc Loughlin stated.
In addition to DAMAC Properties" portfolio of completed projects, the developer has a further 50 buildings, consisting of 9,849 units spanning more than 16 million square feet under construction across the MENA region.
"We are currently taking a country-specific strategic approach to our property development portfolio. In the UAE, we are remaining focused on the construction and delivery of projects that we are already committed to building, and are not looking to launch any new projects in the Emirates in the near term" said Mc Loughlin.
The company is pleased with the progress of its projects in Lebanon, Saudi Arabia and Qatar and is focused on completing these regional developments to the same standards of quality and luxury that DAMAC Properties is recognized for in Dubai.
At this current point in time though, the real estate sectors of Saudi Arabia and Qatar are the star performers within the region. Property prices in some parts of KSA have risen by more than 50 per cent this year to date. Separately, Qatar's property sector is getting a boost from the successful 2022 World Cup bid.
DAMAC Properties is an internationally recognised, luxury-focused, high-end developer. With a proven track record for delivering some of the most luxurious residential properties across the Middle East region, the developer is well capitalised and has the vision and momentum to provide solid investment opportunities for customers across all the markets in which it operates.