Overseas Property Blog :: guide to international real estate investment

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DAMAC introduces its first freehold projects in Abu Dhabi

by Overseas Property Mall on Friday, May 5th, 2006 in Abu Dhabi Property, New Development Alert

Luxury lifestyle provider, DAMAC Properties, announces its spectacular “Double Debut” in Abu Dhabi with the launch of two prominent real estate projects. Dolphin Towers, a three-tower structure, including 400 one, two, and three bedroom luxury condominiums and 10 exclusive sea facing townhouses, will be located within the stunning Al Raha beach development. Oceanscape, an iconic mixed-use undertaking, including 184 one, two, and three bedroom apartments with state of the art finishing and 8 townhouses, is due to be positioned on the renowned Al Reem Island.

The company has in place a Memorandum of Understanding (MOU) with Abu Dhabi Commercial Bank (ADCB) to provide mortgage financing for all customers wanting to buy properties in each of the newly launched developments.

Under the terms of the MOU, ADCB will provide a very competitive processing fee and interest rate, as well as 90% financing for a period of 25 years. Buyers into both properties will pay a AED 500 monthly installment throughout the period of construction. DAMAC will also provide mortgage financing through Union National Bank (UNB), a leading institution with wide reach inside the UAE. The bank’s extensive number of branches will provide clients from around the country with the opportunity to apply for a highly competitive mortgage financing scheme of up to 90% financing for a period of 25 years, thus enabling them to buy into DAMAC’s newly launched stunning projects within the UAE capital.

The Dolphin Towers project encompasses apartments with stunning sea views and the latest in smart home technology. Each townhouse exudes exclusivity and comfort, while including its own private swimming pool and sit out garden. Its luxury amenities include a marina, boardwalk and promenades, an infinity pool, health club, steam and sauna, gymnasium, a gourmet food court, 24 hours maintenance and security, ample parking space, concierge service, a guest lounge and meeting room for business gatherings, as well as an abundance of retail outlets at ground level.

Oceanscape provides the ultimate in luxury lifestyle. Its sea facing location and ultra modern design will make it the most sought after address in Abu Dhabi.

At Oceanscape every townhouse will include a private swimming pool. The real estate endeavor will comprise a number of high-end amenities, including an infinity pool overlooking the mangroves and the sea, a state of the art health club, Jacuzzis, steam rooms, saunas, relaxation and massage rooms, as well as a pharmacy, boutique shops, restaurants, cafes, and a Children’s play room and AV centre.

All Oceanscape customers will experience piece of mind with round the clock security, maintenance and concierge services, ample parking space, smart elevators that enable fastest access to each floor, along with smart home technology with electronic access system.

“Our ‘Double Debut’ in Abu Dhabi is a natural progression towards a prosperous future for DAMAC Properties due to the substantially strong growth potential of the Abu Dhabi real estate market”, said Hussain Sajwani, Chairman of DAMAC Holding. ”

Since I started my contract catering business in Abu Dhabi 24 years ago, my dream was to build a leading regional business conglomerate. From a young company in the UAE capital, DAMAC Holding has grown into a major regional player in a wide variety of businesses with 5000 employees in 16 countries. While aiming to diversify the group’s activities, we launched DAMAC Properties 10 years ago, and today, the property company has grown tremendously to become the Middle East’s most prominent private sector developer”, commented Sajwani.

He added: “Due to our stong faith in Abu Dhabi’s economic growth over many years, we have devised a long term plan for our real estate investments within the UAE capital city and promise to launch many more exciting projects, going forward”.

Sajwani reiterated: “Our belief in Abu Dhabi’s potential stems from the government’s strong commitment towards developing its real estate industry substantially, as evidenced by its introduction of a number of highly ambitious master planned developments. Investors have reacted by expressing tremendous interest while launching a number of spectacular projects “.

The property company was recently honored with three prestigious Bentley International Awards 2005 in the categories of Best UAE Development for Marina Terrace, Best Architecture for Ocean Heights and Best Developer Website (www.damacproperties.com) at a ceremony in London on 4 November 2005.

The Bentley International Property Awards, now entering their 11th year, have been described as the ‘Oscars’ of the property industry. The aim of the awards is to distinguish the highest levels of achievement in a range of property-related fields. Categories cover a wide range of property and real estate related activities and services, including Development, Interior Design, Architecture, Property, Advertising, Marketing, and Estate Agency Services.

The total value of DAMAC Properties’ projects is over AED 10 Billion. It is a subsidiary of DAMAC Holding, an accredited ISO 9002 company that has grown into a global conglomerate with more than 5,000 employees in 16 countries. Being the first private developer to make a commitment to Dubai’s real estate market, DAMAC properties has become a market leader with a strong sales record to its credit.

Source: Strategiy.com

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