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Tuesday, November 10 - 2009

90 per cent of 'The Piazza'- DAMAC's first residential project in Qatar - sold out

DAMAC Properties, the largest private sector master developer and luxury lifestyle provider, today announced that more than 90 per cent of the Phase I of 'The Piazza' has already been sold.

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  • The Piazza.
    The Piazza.
The Piazza, DAMAC's first and the only residential project coming up in Lusail, Qatar, is in close proximity to Ritz Carlton, Doha.

DAMAC Properties also announced the launch of Phase II of the development. DAMAC Properties is the first company to undertake real estate projects in Lusail and the total value of The Piazza project is estimated at QR 1 billion. An exhilarating and healthy ambience to live, work, shop and relax, The Piazza is exquisitely designed and is spread across a total of 10.7 acres of land, forming a major landmark in the Qatari capital.

Commenting on the success of DAMAC's debut project in Qatar, Hussain Sajwani, Chairman, DAMAC Holding, said: "By 2012, DAMAC Properties aims to be the most admired luxury property services company in the world. Qatar is an integral component of our expansion strategy and also part of the company's global vision. The Piazza is our first luxurious offering for the people of Qatar and we are extremely delighted to see that our property has been well accepted by the community and has gained considerable importance."

Peter Riddoch, CEO, DAMAC Properties, said:

"The project's prime location and its vast array of facilities make it a good buy for investors and home owners. The launch of Phase II follows the consistently strong demand for residential units in the region. The apartments start at QR 438,000 and the project is expected to be ready by the end of 2010."


The development features 14 buildings of 4-levels each to be developed on a Mediterranean theme. The buildings are surrounded by marinas, island resorts, commercial districts, luxury shopping and leisure facilities, including golf courses and an entertainment district.

DAMAC Properties, which recently won three prestigious awards at the CNBC Arabian Property Awards 2006, has also bagged the best development award for 'Oceanscape', best architecture award for 'Ocean Heights 2' 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.
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Notes and media contacts

ABOUT DAMAC PROPERTIES:
DAMAC Properties is part of DAMAC Holding. The company was established in 1996 and has grown into one of the most successful residential, leisure and commercial developers in Dubai and the Middle East, and is expanding rapidly into North Africa, Jordan, Lebanon, Qatar and the Far East. The company's portfolio of 52 towers is worth over AED15 billion. By partnering with world renowned architects and designers, DAMAC Properties aims to develop schemes that include residential, commercial and leisure facilities that will create an integrated community. The company's schemes are located in the most desirable and exclusive locations and the homes are built to a high quality specification that has become synonymous with the group. Driven by a passion for excellence, DAMAC Properties manage all their projects from start to finish. The company's diverse range of expertise allows them to control their land purchase activity, appointment of architects and designers, construction and sales and after sales service. In addition to support services provided by their Dubai headquarters, the company's comprehensive Customer Care Program provides solutions through its vast regional network with offices in the UK (London, Manchester and Glasgow), UAE, Iran, Russia, Jordan, Lebanon and Qatar. DAMAC Holding has grown over the years from a specialist catering company established in 1982, into a multi-billion dollar corporation to become one of the largest organizations in the Middle East. For further information, please refer to www.damacgroup.com and www.damacproperties.com.

Client contact:
Maroun Hannoush, DAMAC Properties,
Tel: 00 9714 3322005
Fax: 00 9714 3311028

Agency contact:
Ashutosh Gupta, PanGulf PR, Dubai
M: +97150 2834339

Viviane Sarkis, PanGulf PR, Doha
M: +974 4383871

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