DAMAC eyes delivery of 2,800 units in 2017 – Interview

DAMAC eyes delivery of 2,800 units in 2017 – Interview
DAMAC has already delivered 1,100 residential units in its DAMAC Hills
Damac DAMAC 1.32% 3.83 0.05

By: Amr Adel

Dubai – Mubasher: DAMAC Properties is looking to deliver 2,800 units in 2017, said senior VP of International Business Development Wael Al-Lawati on Monday during the first day of the Cityscape Global 2017 event held in Dubai.

DAMAC has already delivered 1,100 residential units in its DAMAC Hills project during the first half of the year, and expects to deliver the remaining units in the remaining months of 2017, the top official told Mubasher in an interview during the major real estate exhibition.

Development works for DAMAC Hills are moving according to plan, Al-Lawati noted, highlighting that overall project delivery has surpassed 3,100 units.

By the end of June, DAMAC had completed the delivery of 18,500 units across its portfolio of projects, with some 44,000 units still underway at various stages of development.

Responding to a question on DAMAC Properties’ future plans in external markets, Al-Lawati told Mubasher that the Dubai-based developer is planning to deliver a real estate project in Riyadh, Saudi Arabia towards the end of 2017.

The Saudi project is a residential tower designed by Fendi and situated on the King Fahd Road, in front of the 99-storey Kingdom Centre, the top official revealed.

The senior VP of International Business Development added that DAMAC has already begun delivering units at its DAMAC Tower in the Solidere area in Beirut, Lebanon, added to a residential tower in Al-Abdali region in Amman, Jordan.

The top official forecasted that the $1-billion first phase of DAMAC’s project in Oman would be delivered in 2020, noting that the project is undergoing the design phase.

It is expected that construction works for the Omani project will begin early next year, Al-Lawati revealed. DAMAC’s stake in the project represents 70%, while state-owned Omran company has the remaining 30%, he added.

As for DAMAC’s project in Qatar, the senior VP of International Business Development revealed that his company had delivered its second project in Doha, which included hotel apartments overlooking the Lusail Marina.

The top executive confirmed DAMAC’s commitment to laws and regulations following recent political rift events between Qatar and GCC member states.

We expect construction of the Aykon London One project to begin over the next few weeks, Al-Lawati said, indicating that DAMAC had awarded tower construction to global contractor Multiplex for GBP 240 million (AED 1.162 billion)

Last month, DAMAC said that the full value of the Aykon London One project was estimated at GBP 590 million and slated for completion in 2020. Around 45% of the building has already been pre-sold.

Cityscape Global 2017 runs from Monday through Wednesday.

 

Translated by: Nada Adel Sobhi

Related topics
Source: Mubasher Exclusive

Comments