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'The Buildings by Daman' housing units sold out

Dubai, September 24, 2008

Daman Investments said all the residential tower units as well as the office block in its key project 'The Buildings by Daman' at the Dubai International Financial Centre has been sold out.

Shehab Gargash, CEO of Daman Investments said: “We are very pleased with the project in every aspect.  Sales were stellar, interest remains high and we have witnessed a steady demand for sales from the secondary market.  Our investors have all seen an exceptional appreciation in the value of their initial purchase price.”

James Knowles, director of sales at Asteco (the managing agents for sales and leasing) said the project had been exceptional in every way. 

"We have found that we have a great demand for secondary sales and not enough inventory to meet the demand. Most of the buyers in the building – whether institutional purchasers for the office building units or residential purchasers – are the final end users which is not always the case in the market."

"We are looking forward to the final release of the new ultra luxury apartments – and eager to begin sales early next year," he added.

Munjid Al Alami, project manager said the construction was well underway. Commenting on delays in the building and the industry in general, Alami said: “The entire industry is facing shortages of supply and pressure in every aspect of construction due to the huge demand generated by Dubai’s incredible expansion.

"In our case - we have a project that has more than 3.3 million sq ft of built up area, and the largest footplate for open space offices in Dubai offering nearly 48,000 sq ft of open space offices with virtually no columns."

"Our residential towers rise 60 floors above the podium and the entire structure has 6 podium levels and 4 basement levels.  The complex has a 5 star hotel and automated parking at the podium level.  All in all, it is a very sophisticated and complicated building that we believe will be a new landmark once finished."-TradeArabia News Service




Tags: sold out | The Buildings by Daman |

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