Damac unveils first commercial tower in Qatar
Dubai, July 7, 2008
Damac Properties, luxury lifestyle provider and the Middle East’s largest private sector master developer, on Monday launched 'Business Square,' its first commercial tower in Qatar.
Business Square is an urban development spanning 39,000 sqm and is located in the southern end of Lusail, close to the West Bay area, within the Marina District.
The launch comes close on the heels of an announcement made by the developer last month on the opening of their first sales office in Qatar.
Business Square is 20 storeys’s tall and is meticulously designed to enhance a productive work atmosphere so as to reap exhilarating returns. The value of the project exceeds QR 400 million ($109 million).
Speaking at the launch, Peter Riddoch, CEO, Damac Properties, pointed out that Qatar was the world’s second-fastest growing economy in the property sector in 2008 according to reports.
"The Qatari real estate sector which has evolved substantially over the years is currently experiencing an incredible demand for highly profitable real estate investments."
"Business Square is a step forward by us to strengthen our presence and showcase our commitment to the Qatari market. We are moving aggressively into Qatar with two residential launches, the opening of our first sales office, and our first commercial tower launch in just over two months."
Business Square benefits greatly from its ideal location as Lusail - the master development - encourages inbound investment and provides world class living and working environments that will stimulate the local economy, Riddoch noted.
“The real GDP growth in Qatar is expected to top 14.3 per cent this year and 13.5 per cent in 2009. The construction projects in the region are expected to experience a steep rise in the next three years and Damac Properties is eyeing huge investments in Qatar’s real estate with more than $45 billion worth of projects in the pipeline across various sectors in the region,” he added.
Business Square provides multilevel parking and round-the-clock security along with hi-speed internet, swipe access, a business lounge, and reception area that will be incorporated into an office environment where employees will enjoy walking into day after day.
Besides, top of the range leisure facilities are easily accessible within the tower. A health club, gym, and multi-function room will all be part of a relaxing, refreshing atmosphere characteristic of Business Square. Cafés, restaurants, boutiques, and retail complement this commercial community.-TradeArabia News Service
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