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Damac Properties currently has five projects under development in Egypt

by Overseas Property Mall on Sunday, October 12th, 2008 in Property & Real Estate Press Releases

Damac Properties, the luxury lifestyle provider and Middle East’s largest private sector master developer, announced that it currently has five projects under development in Egypt.

Park Avenue located on the Cairo/Alex Desert road is Damac’s first project and was launched in October 2007. Park Avenue is a unique retail and commercial development spread across over 32 acres. The second and third projects are located in New Cairo and are spread across 4,500,000 million square meters. Hyde Park, launched in December 2007, is a residential project consisting of an exclusive villa development.

In February 2008, the first phase of Park Avenue at New Cairo, a retail and commercial development, was launched. The fourth project is Centre Ville. Also located in New Cairo, Centre Ville is a private gated community set on an expansive area of 640,000 square meters. The fifth project, Gamsha Bay is planned upon 30 million square meters and located directly on the seafront of Gamsha on the Red Sea.
Progress on all projects is ongoing, and Damac has upgraded the Park Avenue project at the Cairo/Alex Desert Road with an extra cost of LE170m whilst retaining the original unit prices.
Excavation works at Park Avenue, Cairo/Alex Desert Road began late February 2008 and will be complete in the next two months. In June 2008, concrete works were also awarded. Grading works have been tendered for the New Cairo Development and will commence in July 2008. By the end of July/early August, land cleaning procedures at Gamsha Bay will be completed and work will commence.
Appointments of consultants and contractors are ongoing. ACE consultants have been hired for Park Avenue’s supervision and ECG consultants have been hired for New Cairo’s design and supervision. Further local consultants are continuously being appointed in order to meet delivery.
The company currently employs 445 Egyptian employees and projects a 35% increase by 2009. Nine Damac offices have been opened in Marghani, New Cairo, Orouba, Maadi, Nile City, Cairo/Alex Desert Road, Heliopolis, Sharm El Sheikh and Hurghada with an additional four to come.

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This entry was posted on Sunday, October 12th, 2008 at 5:00 pm and is filed under Property & Real Estate Press Releases. You can follow any responses to this entry through the RSS 2.0 feed.You can leave a response, or trackback from your own site.

  • tina

    I am very keen to get some more information and eager to know if would have any further information.

    We are trying to take this further with the below valid point, pls read:

    WHY
    DAMAC PROPERTIES ARE A HOAX………

    • Delay of 3 years over the completion date of handover.

    • Demanding 2 percent charges on the land registration fee, when actually it is 1 percent by the UAE law.

    • Increasing the sq. ft without prior notice or advice till hand over (5 yrs) and expecting/ forcing the buyer to pay the extra amount of almost Dhs. 100,000, otherwise the buyer will be charged a penalty or risk losing their property, and on top of that not
    allowing the buyer to go ahead and measure the difference without the additional final payment.

    • Fraudulently demanding additional payments, unexplained penalties

    • No favorable response after several calls and complaints.

    • Leaving the buyer in a state of helplessness and forced to agree with them.

    • Having a full page advert in major newspaper 2 months ago claiming the delivery of building, when infact its yet to be delivered.

    • They are trying to handover the maintenance contract to an unspecified 3rd party prior to the formation of an
    Owners Association voted for by Owners

    • The building is finally completed without features specified in the contract – in particular there is no ‘infinity swimming pool’
    (although there is a swimming pool this is not of same or superior quality to that specified in the contract).

    * Compensation for late delivery (as clearly detailed in the contract) has not been included in the final statement

    Damac definately may claim to be the largest private developer but infact they are the slowest and largest scam in the name of real estate developers in the region.

    pls contact me on tinapatni@yahoo.com for any futher communication..

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