DAMAC's La Residence wins 'Best High Rise Development' at CNBC Arabian Property Awards '07

The top property developer received the 'Best High Rise Development' award for 'La Residence at the Lotus' and the 'Best Website' award for the company's revamped website.

DAMAC's La Residence at the Lotus is also nominated for the International Property Awards that will be taking place in Las Vegas at the Bellagio Hotel on 16th November 2007.

DAMAC Properties received the honours at a gala ceremony held at Joharah Ballroom at Madinat Jumeirah Hotel in Dubai, in the presence of leading property developers and representatives from real estate sector across the GCC. The company received the Best Website award for the second consecutive year.

The CNBC Arabian Property Awards aims to distinguish and position a property provider with the highest levels of achievement in a range of property related fields. A total of 16 awards were presented at the ceremony, including Best Developer, Best Real Estate Agency, Best Property, Best Golf Development, Best Architecture, Best Interior Designer, Best Property Portal and Best Apartment.

Commenting on the win, Hussain Sajwani, Chairman of DAMAC Holding, said:

'We have achieved exponential growth over the years -- from a small company in UAE, we have over 79 world class towers under development with over 110 nationalities investing in our exclusive properties across the globe. Emerging as winners of two important categories of the Arabian Property Awards gives us the impetus and clearly identifies us as a cut above the rest. With the numbers of property developers spread across the region, awards of this kind stand testimony to our firm adherence in providing exclusive properties and creating a professionally designed and customer friendly website.'

La Residence at the Lotus is a spectacular 58-storeyed development located at Business Bay-often referred to as the Manhattan of the Middle East. The architectural design of the property is inspired by the petals of the Lotus flower. La Residence has 1, 2 and 3 bedroom apartments, with each master bedroom having a private spa-bath, thoughtfully planned space and utilities, tastefully chosen furniture and joinery and elegantly designed interiors.

Peter Riddoch, CEO, DAMAC Properties, said: 'La Residence is a unique development and the response to the project was phenomenal. We sold 75% of the property in less than two months. On the other hand, we recently revamped our website to meet the needs of our globally spread customer base and potential buyers and an award for best website undoubtedly reiterates our efforts in meeting our customer needs.'

DAMAC Properties' new and easy-to-navigate website has newly added features like online registration, continuous construction updates and addition of a new language - Russian.

DAMAC Properties are pursing projects in the UAE, the Kingdom of Saudi Arabia, Egypt, Qatar, Jordan, and Lebanon with future schemes being considered in Turkey, Oman, Morocco, Tunisia, India and Pakistan. These projects represent significant progress in the company's plans for targeted growth over the coming years.