DAMAC appoints main contractor for AED600 million Park Towers project at DIFC

The construction of the project will begin in January 2007 and is scheduled to take 27 months for final completion. The distinctively styled tower is reminiscent of The Gherkin in the City of London, and is fully linked to the DIFC by underground areas.

'Park Towers at DIFC will be built with highest construction standards offering the latest in services and living standards. DIFC will host leading financial service companies and investors and we plan to build the best for them to suit their requirements,'

said Peter Riddoch, CEO, DAMAC Properties.

The project includes 100,000 sq ft of retail space over two levels connecting into the DIFC retail spine and over 200,000 sq ft of high quality office space spread across 7 floors. Residential towers come with a mixture of penthouses, 1, 2 and 3 bedroom luxurious apartments along with a full range of leisure facilities including separate male and female health club, gyms, swimming pool, children's pool, juice bar, surf pool, golf simulator, arcade area, tennis court, crèche, party room, barbeque and table tennis.

Park Towers involves over 1.7m sq ft including 3 basements and 7 podiums. Project will overlook Park Boulevard at the region's financial hub. Each of the towers will host a total of 216 units. The two towers will offer the best in amenities and services and are linked through a multistory podium that will feature restaurants and shopping and retail spaces.

The enabling works by APCC that commenced on Park Towers in October 2006 will be completed in January 2007.

Furthermore, DAMAC Properties recently won three prestigious awards at the CNBC Arabian Property Awards 2006. Property developer bagged the best development award for 'Oceanscape', best architecture award for 'Ocean Heights' and the best website award for the company's website - www.damacproperties.com. In December 2006, the company also won the IREF ME award for the best residential development in the UAE.

DAMAC Holding has now grown into a global conglomerate with more than 6000 employees in 18 countries. Being the first private sector company to make a commitment to Dubai�fs real estate market, DAMAC Properties has become the market leader with a strong sales record to its credit.