Luxury developer DAMAC Properties is making an impression on the skyline of Abu Dhabi’s Al Reem Island, with its Marina Bay development rising up out of the ground.
Marina Bay’s ground slab has been cast, and construction is now advancing to the podium levels. “DAMAC Properties is making excellent progress with our developments at Al Reem Island. Construction of Marina Bay is beginning to accelerate and another of our Abu Dhabi projects, Oceanscape, is now at basement level. Both projects are really beginning to take shape” said Niall Mc Loughlin, Senior Vice President of DAMAC Properties.
Marina Bay is a waterfront, mixed use development, offering residential, retail and commercial space. It received two Arabian Property Awards in 2008 for “Best High-rise Architecture” and “Best Marina Development.” Al Reem Island is considered one of the most luxurious locations in the UAE. It’s a natural island 600 meters off the Coast of Abu Dhabi Island, and has attracted interest from foreign nationals due to it being one of the first free zones in the capital. Mc Loughlin commented: “DAMAC Properties is dedicated to selecting premium locations for our developments. Al Reem offers an idyllic island lifestyle, while still in close proximity to the city centre. It’s for people who want to be close to work, but outside of work hours, feel like they are miles away.
Al-Shafar General Contracting is the main contractor for both Marina Bay and Oceanscape. Oceanscape has a unique architectural design, with two narrow sloping towers overlapping at the juncture. Both towers have exclusive sea facing townhouses, with their own private swimming pools on the podium level. Oceanscape will offer cafes and boutique retail space over three levels, and include world-class facilities at the health club and spa.
Abu Dhabi’s real estate sector has a current shortfall of 40,000 units according to Jones Lang LaSalle, with pent up demand for quality housing. Abu Dhabi has the potential to attract more than 20,000 people who have been commuting from Dubai due to a lack of quality residential property in the capital. “For a long time there has been a mismatch of supply and demand for quality housing in Abu Dhabi, which pushed people to commute from Dubai.
This dynamic will begin to change as quality, luxury developments become available in Abu Dhabi, giving people more options about where they want to live” said Mc Loughlin. DAMAC Properties will be delivering seven major projects in Dubai by mid 2011, and currently has more than 12,000 units at various stages of construction across the MENA region. In the last 12 months DAMAC has awarded new contracts to the value of $1billion including 15 main contracts in Dubai, two main contracts in Abu Dhabi and one main contract in KSA.
DAMAC Properties’ core focus for 2011 will be construction and delivery of its projects across the MENA region, with a strong emphasis on satisfying customers.