Damac sees Qatar luxury project on track
Doha, December 29, 2013
Dubai-based Damac Properties said it has reached a key construction milestone with the casting of the 13th storey slab at its luxury serviced hotel apartments project in Qatar, Burj Damac Marina.
The 20-storey mixed-use development, which is set in the heart of the prestigious marina district of Lusail in Doha, is scheduled for completion over the next twelve months, said a senior official.
“Qatar is experiencing a steep growth in investment & tourism and Burj Damac Marina will service the influx of international visitors heading to Doha in the coming years,” remarked Niall Mcloughlin, the senior VP for Damac Properties.
“We have seen a steep rise in interest in Doha, particularly in our international markets, following the announcement of the World Cup and expect Qatar to be a key market for Damac Properties in the coming years,” he added.
Burj Damac Marina comprises more than 100 luxurious serviced hotel apartments consisting of one, two and three bedrooms, said a statement from the Dubai developer.
Residents will experience five-star bespoke luxury services, provided by Damac Maison, Damac Properties management arm. Services includes a kids club & baby-sitting service, with dedicated and qualified staff, fully-fitted kitchens throughout, in-room hair & nail treatments and 24-hour room dedicated concierge service, it stated.
The project also provides owners with an outdoor swimming pool, running track, state-of-the-art gymnasium, all-day dining restaurant, four floors of dedicated office space with separate lobbies and entrances for the luxury serviced hotel apartments and office floors.
Damac Properties is currently developing projects in Qatar, including the Piazza, which are set to hand over to owners in the next couple of months, the statement added.
According to McLoughlin, the buyers from Qatar are in the top ten countries for Damac Properties portfolio throughout the region. Doha was the first location outside the UAE that the group expanded operations, recognising the global interest in real estate investment in the city.
As per the Qatar Economic Outlook 2013-2014, issued by the Ministry of Development Planning and Statistics, Qatar’s population is expected to climb to 2.2 million by end-2014. Qatar is also expected to post 6.8 per cent year-on-year real GDP growth into next year, according to a recent report from QNB Group.
“Burj Damac Marina has made great progress and will be one of the first luxury serviced hotel apartments completed in Qatar when we begin handover in twelve months time,” said McLoughlin. “This is an ideal opportunity to invest in a booming city, just starting out on its impressive growth path,” he added.-TradeArabia News Service