DAMAC Properties, one of the largest private luxury developers in the Middle East, will complete its Spanish-inspired Lago Vista development before the New Year, with the handover likely in the first few months of 2011.
Lago Vista literally means “view of the lake” in Spanish. The three tower project has been designed around a crescent-shaped portico, with luscious manicured gardens and decorative fountains adding to the picturesque Spanish-appeal of the development. “DAMAC Properties draws inspiration for our projects from across the globe.” said Niall Mc Loughlin, Senior Vice President of DAMAC Properties.
Lago Vista is located at IMPZ and offers studio, 1 & 2 bedroom apartments, of which there are 998 in total. Lago Vista sits next to The Crescent, which was delivered by DAMAC Properties over a year ago, and Lakeside, still under construction. “DAMAC Properties continues to deliver to customers, even in a challenging economic environment. We are strong, we are well capitalized, and that’s evident in that we’ve continued to build, complete and deliver our projects to customers” Mc Loughlin added.
Lago Vista comprises of three towers on a common podium. Of the three towers, Tower A and C are 21 storeys while Tower B is 24 storeys. All gym equipment has been delivered, and the roof landscaping is almost finished. The common facilities such as the swimming pool, children’s play area, tennis court, barbeque areas and sauna facilities have been completed.
Dubai’s International Media Production Zone is becoming an increasingly attractive destination for global media and
communications companies to establish their regional headquarters. In November, Xerox Emirates moved its offices to IMPZ, to accommodate the company’s further expansion.
Dubai’s IMPZ was established as a free-zone to create a rich cluster environment for media production companies from across the world. Adding to the appeal of Lago Vista is the favorable zoning of the area, which allows for freehold ownership of property.
In addition to Lago Vista, DAMAC Properties will be delivering seven other major projects over the next 12 months, and currently has more than 12,000 units at various stages of construction across the MENA region. In the last 12 months DAMAC Properties 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 has a proven track record of designing and developing worldclass luxury projects across the Middle East, North Africa and the Levant. The name ‘DAMAC’ has become synonymous with superior quality and luxury lifestyle living. DAMAC Properties’ commitment to completing its projects across the MENA area further cements the developer’s position as one of the most highly regarded property developers in the region.