Damac focus remains on construction, deliveries

DUBAI — Damac Properties, a leading luxury developer, said on Wednesday that it has seen a marked increase in sales enquiries since the end of Ramadan, which was partly due to increased investor confidence in the region, and partly due to its current selection of quality inventory.

By Issac John

Published: Thu 29 Sep 2011, 11:17 PM

Last updated: Tue 7 Apr 2015, 5:59 AM

Niall Mc Loughlin, Senior Vice President of the Dubai-based developer said the real estate sectors of Saudi Arabia and Qatar are the star performers within the region.

Property prices in some parts of Saudi Arabia have risen by more than 50 per cent this year to date.

Qatar’s property sector is also getting a boost from the successful 2022 World Cup bid.

Investor confidence in the UAE is now at its highest level in 12 months, according to investor sentiment surveys.

Investors are upbeat about the outlook for the UAE economy, with almost 60 per cent of investors in a survey predicting that investment markets will improve over the next six months, he pointed out.

Mc Loughlin said at Cityscape that Damac has delivered more units in the UAE than any other developer in 2011 in spite of the downturn.

Damac had completed 21 buildings comprising 4,072 units so far this year, “which is more than its two biggest competitors combined,”

“Damac Properties’ primary focus for the past two years has been construction and delivery. We are one of a handful of Dubai developers that has still been building and delivering to customers even during the downturn,” said Mc Loughlin.

“Our projects are innovative and luxurious, and there will always be demand for the type of high-quality developments produced by Damac Properties,” Mc Loughlin said. In addition to Damac Properties’ portfolio of completed projects, the developer has a further 50 buildings, consisting of 9,849 units spanning more than 16 million square feet under construction across the Middle East and North Africa region.

“We are currently taking a country-specific strategic approach to our property development portfolio. In the UAE, we are remaining focused on the construction and delivery of projects that we are already committed to building, and are not looking to launch any new projects in the Emirates in the near term,” said Mc Loughlin.

The company is pleased with the progress of its projects in, Lebanon, Saudi Arabia and Qatar and is focused on completing these regional developments to the same standards of quality and luxury that Damac Properties is known for in Dubai, he said.

“We have kept our promises to our customers and delivered a quality and standard of development which has continually surpassed expectations,” he said.

Damac said since the company was set up in 2002, it had completed a total of 36 buildings, comprising 7,364 units, since the company was established in 2002.

Of the 36 completed buildings, 30 have been completed since the onset of the recession in 2008. “There is no other developer in Dubai which has been able to sustain the high standards of quality and the quantity of construction that Damac Properties has been able to accomplish since the onset of the recession,” Mc Loughlin pointed out.

Among Damac’s notable handovers in 2011 is the 84-storey luxury ‘Ocean Heights’ tower in Dubai Marina. The tower, comprising of 612 units, was handed over at the beginning of 2011, and received extremely positive feedback from customers.

The Ocean Heights handover was shortly followed by the delivery of the three-tower development ‘Lago Vista’ at I.M.P.Z., which consisted of 1020 units.

“If you look at our track record, on average we have been constructing about 15 units a week since we started. For a company that has been in operation for less than a decade, we have certainly achieved some notable milestones” Mc Loughlin said.

· issacjohn@khaleejtimes.com

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