Damac eyes Qatar property market
Amman, April 27, 2008
Damac Properties, – the luxury lifestyle provider and Middle East’s largest private sector master developer, plans to tap into the unrivalled potential of the real estate sector across Qatar, the world’s second fastest growing economy in the property sector in 2008.
Damac Properties is eyeing huge investments in Qatar’s real estate landscape in line with the bullish growth trends envisaged in the country. The move by the leading real estate conglomerate to aggressively spread its presence assumes increased significance as Qatar has more than $100 billion worth of projects in the pipeline across various sectors.
Close on the heels of its successful projects in Qatar, Damac has released details of two further projects, the Garden Heights – a luxury residential high-rise and The Terrace at Fox Hills, both at the Lusail development.
The company also has plans to open dedicated sales offices in various parts of the country to leverage its presence in the market and showcase its unique projects in Qatar and the rest of the region to key audiences.
“Qatar is a strategic market for Damac Properties. The country is fast emerging as an important centre of business activity in the region and we have plans in place aimed at our involvement with upcoming projects in Qatar. According to estimates, nearly 200,000 families are expected to move into Qatar over the next three years and around 500,000 by 2012,” said chairman of Damac Holding, Hussain Sajwani.
Qatar is an integral component of Damac’s expansion plans and part of the company’s global vision. Damac, which has over 500 million square feet of luxury projects and over 12,500 customers, also plans in the future to open a development office in Qatar to foresee the developing projects under way in the country.
Garden Heights, strategically located in the Lusail development, offers distinctive luxury living with world-class infrastructure. The high rise- tower will comprise one, two and three-bedroom apartments with penthouses.
The apartments will be equipped with state-of-the-art accessories, thoughtfully planned space and utilities, health club, steam and sauna facilities, aerobic centers, swimming pools, multifunction rooms, children’s play area, lounge, juice bars and mini basketball courts.
Similarly, The Terrace will comprise one, two and three-bedroom apartments and will be also be equipped with similar amenities.
Damac Holding has now grown into a global conglomerate with more than 7,000 employees in 18 countries. Damac Properties has become the market leader with a strong sales record to its credit.
Damac Properties won two prestigious awards at the recent CNBC Arabian Property Awards 2007 - for the top property developer received the ‘Best High Rise Development’ award for ‘La Residence at the Lotus’ and the ‘Best Website’ award for the company’s revamped website – www.damacproperties.com.
Damac’s La Residence at the Lotus in Business Bay Dubai has won the Best International High Rise Development Award that was held at Las Vegas recently. – TradeArabia News Service