DAMAC Properties’ Pouring 14 Floors a Month in Business Bay
Luxury developer DAMAC Properties has “topped out” its 21 storey mixed-use residential project, The Residences at Business Central, which is located on the waterfront, opposite the Burj Khalifa.
The construction milestone represents a significant turning point in the delivery schedule of the project, with work now beginning on the external cladding and interior fit out.
“The Residences at Business Central will be a stunning executive residence once completed. It has all the hallmarks of a premium property investment, with excellent facilities, quality finishes and a superb location on the waterfront, opposite the Burj Khalifa” said Niall Mc Loughlin, Senior Vice President of DAMAC Properties.
DAMAC Properties remains strategically focused on Business Bay, with construction advancing at a rate of 14 floors a month across the company’s seven active construction sites.
“The mid to long term outlook for real estate in Business Bay is extremely promising. The proximity to the world’s tallest building and the world’s biggest shopping mall makes property in Business Bay a highly lucrative prospect for future growth” commented Mc Loughlin.
Business Bay is gaining momentum as one of Dubai’s most sought after locations. The world’s tallest hotel, the JW Marriott Marquis Dubai, will open its doors to guests later this year. The 355 metre tall hotel is just 26 metres shorter than the Empire State Building in New York.
“At DAMAC Properties, we have been unwavering in our commitment and conviction about the future potential of Business Bay. We are now beginning to see our vision materialise” said Mc Loughlin.
DAMAC Properties has a mix of office and residential projects in Business Bay, which will offer investors a range of investment opportunities.
Three main contractors are building DAMAC Properties’ projects that under construction in Business Bay. Sun Engineering is the main contractor for Executive Bay and Capital Bay, Modern Building Construction Company is constructing Commercial Square, Water’s Edge and Business Central, while Drake and Scull subsidiary, Gulf Technical Construction Company is the main contractor for Park Central and The Corner.
DAMAC Properties has completed two premium office towers in Business Bay, XL Tower and Business Tower. The main contractor for both projects was Hong Kong based CSHK.
“DAMAC Properties has a significant development footprint in Business Bay. We are still building and still delivering to customers. We’ve been extremely encouraged by the high number of sales in Business Bay since the beginning of the year” concluded Mc Loughlin.
With 36 buildings, including 7374 units completed to date, DAMAC Properties continues to be a major contributor to Dubai’s real estate revival. As it continues to extend its portfolio of luxury products, which offer significant investment opportunities, DAMAC Properties will be an enduring fixture in the Dubai landscape, and Dubai itself will continue to be a major draw for property investors.