Damac tops out Dubai residence tower
Dubai, November 23, 2011
Leading property developer Damac Properties said it has topped out its ‘Suburbia’ residential development at Downtown Jebel Ali in Dubai.
Surbubia is a multi-tower development, with the two of the tallest towers topped out at level 17.
Work will now begin on the external cladding of the project, said a top Damac official.
All main packages including joinery, aluminium and metal works have been finalised and relevant works are progressing on site.
“Now that the super-structure of Suburbia has been completed, we can really begin to focus on the facade and the interiors. Topping out a building is always a significant milestone in the development of high rise towers” said Niall Mc Loughlin, senior vice president of Damac Properties.
Dubai’s logistics sector is booming and Jebel Ali is the heart and soul of logistics in the emirate.
“The potential for growth in the logistics sector is enormous, and from that we are predicting there will be a flow on effect to demand for residential property within the logistics corridor” Mc Loughlin commented.
Recognising this strategic opportunity, Damac is constructing two residential projects within the corridor, Suburbia in Downtown Jebel Ali, and Amber Residences close to Dubai’s new airport.
'We have observed a very strong correlation between the growth of Dubai’s logistics sector, and interest from investors seeking to buy property within this growth area,' said Mc Loughin.
“Logistics and trade is creating employment which is stimulating demand for nearby housing. People will always want to live close to where they work” he observed.
“At Damac Properties, we have been selling entire floors to multinational businesses who are seeking to secure accommodation for their employees, close to their regional headquarters,” Mc Loughlin pointed out.-TradeArabia News Service