DAMAC Properties' Responsible for Almost One Third of all Residential High-Rise Towers in Dubai
Developer has more iconic towers above 250 metres than any other
Almost one third of all high-rise (above 250 metres) residential towers in Dubai have been, or are being, developed by luxury real estate developer DAMAC Properties.
The company is responsible for 27% of the skyscrapers which will create an imposing sight on the Dubai skyline by 2016.
DAMAC Properties has five of the 19 highest residential towers in the emirate, according to the International Council on Tall Buildings and Urban Habitat.
The total height of the towers by DAMAC Properties reaches 1,482 metres, which constitutes 26% share of the overall total height of all 19 towers (5,645 metres).
The total number of floors in DAMAC Properties’ high rise towers (361) also exceeds one quarter (25.6%) of the 19 towers on the list.
DAMAC Properties’ share of high-rise residential towers in the United Arab Emirates over 250 meters is 21%, having five of the 24 towers in the country.
The three residential towers within DAMAC Towers by Paramount, came in joint 17th, 18th and 19th, reaching 279 metres with 64 floors each. The total height of the three towers reaches 837 meters with a total of 192 floors.
Ziad El Chaar, Managing Director, DAMAC Properties said: “DAMAC Properties delivers the highest luxury living in the region, and the high-rise residential towers with wonderful views are part of this culture. This what pushed us to develop high-rise residential towers in the best locations in Dubai in order to enjoy the luxury of the residence and the astonishing view.”
El Chaar added: “the number of visitors in Dubai is expected to double in the next five years, as the emirate is now one of the most important touristic destinations in the world. This will elevate the importance of luxury development projects, where the luxurious residential apartments and serviced apartments investments provided by the company supporting this growth. It will provide an upscale experience full of beautiful aesthetic elements and quality services that will satisfy the needs of tourists from different parts of the world.” El Chaar continued: “the projects that we are developing in partnership with international brands such as Paramount Hotels & Resorts and FENDI Casa, have witnessed huge success and this reflects the urgent need for such unique and luxury category in Dubai.”
Established in 2002, DAMAC has delivered almost 12,000 units to date and currently has a development portfolio of over 39,000 units at various stages of progress and planning as of September 30th 2014.