DAMAC Properties, the Middle East's largest independent real estate developer has announced that main construction works have commenced at its AED 508 million residential development 'DAMAC Heights' at Dubai Marina.
Leading gulf construction company Arabtec, which was awarded the main construction contract, is now on site following the completion of enabling works by Zetas Foundation Technology.
DAMAC Heights will comprise 1, 2 & 3 bedroom apartments, as well as duplexes and penthouses. The residential apartments will be completed to DAMAC Properties' high standards of quality and have views of the Palm Jumeirah. The complex will incorporate five star amenities including a temperature controlled swimming pool, gymnasium, nursery, sauna, steam room and spa facilities.
"DAMAC Heights will be another shining jewel along the beachfront real estate band on Al Sufouh Road, Dubai Marina. This two kilometre stretch of land is home to some of the most exclusive and luxurious residential properties ever constructed, and of these real estate gems, DAMAC Heights will shine the brightest" said Niall Mc Loughlin, Senior Vice President DAMAC Properties.
"To impress in Dubai these days, developers are aware they need to go to the next level. It's not enough to build a nice apartment building in a mediocre location. You have to build a phenomenal building, in a prestigious location with every conceivable modern convenience included. That's what we are aiming to achieve with DAMAC Heights" Mc Loughlin added.
DAMAC Heights will represent the second partnership between Arabtec and DAMAC Properties at Dubai Marina. It follows the completion of the award winning 84-storey residential tower 'Ocean Heights' last year.
"We have had a long and successful history working with DAMAC Properties. The stunning Ocean Heights development is a testament to the strength of our relationship and what we have been able to achieve in collaboration with DAMAC.
I have no doubt that DAMAC Heights will surpass even Ocean Heights, to become the premiere residential development along the ocean-facing stretch of Dubai Marina" said Riad Kamal, Chief Executive of Arabtec Holding.
Real estate services firm Cluttons characterises the current real estate market in Dubai as a "flight to quality." According to Cluttons, purchasers and tenants are focusing on completed 'lifestyle' projects such as The Greens, Old Town and Dubai Marina.
Commenting on the trend, Mc Loughlin said: "There is a lot of speculation about falling property prices in Dubai, but that's not the exactly the whole story. In reality there is a two tiered market emerging and demand is actually rising for high quality properties in premium locations such as the Marina."
DAMAC Properties takes a long term view of property investment in Dubai, and has been making strategic investment decisions based on optimistic forecasts for future growth in the emirate.
The positive outlook is supported by a recent forecast by the IMF, which is predicting growth to remain steady in the UAE at about 4 per cent for the next six years. The improved outlook reflects large public investment spending by Abu Dhabi as well as stronger tourism, logistics and trade in the emirate of Dubai.
"We believe that investors will always be attracted to all of the positive attributes that Dubai has to offer - world-class infrastructure; strategic location; established tourist destinations, proven business centres; a highly skilled expat workforce; and most importantly strong and stable government leadership" Mc Loughlin mused.
DAMAC Properties continues to be a major contributor to Dubai's real estate revival. As it extends its portfolio of luxury products the developer will be an enduring fixture in the Dubai landscape, while Dubai itself will remain a major draw for investors.