DAMAC Properties’ Park Towers in DIFC Receives Completion Certificate

Tue, 12 Jul, 2011


DAMAC Properties, the Middle East's largest independent real estate developer, has announced it's received the completion certificate for its iconic 'Park Towers' development in the DIFC.

The elliptical twin tower development is an embodiment of unique architectural design and modern engineering. The concept architect for the project was award winning San Francisco based firm Gensler, the same architect responsible for the 'DIFC Gate Building.'

"Park Towers makes a striking addition to the architecturally impressive landscape of the DIFC. The completion certificate is the first step in the handover process, and while we are still finalising the landscaping and interiors, we expect to deliver the building shortly" said Niall Mc Loughlin, Senior Vice President DAMAC Properties.

The two oval towers are encased in an energy-reducing, solar glass skin, which glistens in the sunlight. The glass cladding proposed a challenge for the contractors, due to the fact that each panel on the facade is a different size and shape. Completing the giant 3D puzzle required the latest CAD design and 3D software to configure the panels.

The glass cladding allows every residential and office unit to have a sheer glass outlook, and also serves to create an 'industrial chic' feel to the interiors. "The unique architectural design of the towers is aesthetically pleasing from both the exterior and interior perspectives of the buildings. The curved glazed facade allows every apartment to have a view beyond 180 degrees" Mc Loughlin added.

In addition, the executive residential apartments will be serviced by panoramic lifts, which will give residents and their guests a thrilling sense of exhilaration every time they make their way up to their apartment.

Park Towers sits on a 130,000 sq ft plot, rising 180 meters above ground, with the main building elevations facing the east. The towers each have 3 basements, 7 podiums and 42 additional floors.

The two oval towers are connected via a multi-level podium, with boutique retail outlets and restaurants on podiums 1, 3 and 4. There is a seamless transition to the following seven floors of office space, on podiums 5 -7, as well as the first four tower floors (levels 5-11). Residential floors begin on the 12th floor and take up the higher levels of the development.

The health club is strategically positioned on a split level deck at podiums 4 and 7; with beautifully landscaped gardens framing the tennis court and temperature controlled outdoor swimming pool. The tennis court is situated on the upper deck, with the swimming pool, BBQ area, children's pool and play area all set amongst landscaped gardens on the lower deck.

The gardens are overlooked by the impressive resident lounge, party room, large gym and crèche, all with state of the art facilities. The spa areas, with male and female steam and sauna facilities, are accessible from the gym.

"Park Towers was designed with the corporate executive in mind. It is a high-end mixed-use development which was designed to allow its residents to live, work and play within the perimeter of the development, whilst being within walking distance of the Dubai International Financial Centre and all it has to offer" Mc Loughlin added.

Enquiries for leasing office space rose 20 per cent in the first two months of this year according to UAE property management company Asteco. The DIFC in particular has been attracting new tenants which include international hedge fund Platinum Wealth Management and asset manager Neuberger Berman. Dubai Reliance Capital is also increasing head-count in Dubai, and consequently expanding office-space within the DIFC.

"Dubai is re-asserting its position as the leading regional hub for tourism, logistics and finance. There is an increase not only in the number of multinational companies establishing their regional headquarters in Dubai, but in established MNC's expanding their operations. These companies are demanding quality office space, and their employees are demanding quality residential properties" Mc Loughlin commented.

Supporting these indicators of a strengthening business climate, the Dubai Economic Development Authority announced that it had issued 13,817 trade licenses in 2010, a 17 per cent year-on-year increase.

According to a recent report by financial and professional services company Jones Lang LaSalle, some residential and office locations have stabilised. Luxury and quality will always be appealing to customers, and DAMAC Properties will continue to target investors who value premium property investments.