DAMAC Properties bullish on Qatar

DAMAC Properties is eyeing huge investments in Qatar's real estate landscape in line with the bullish growth trends envisaged in the country.

The move by the leading real estate conglomerate to aggressively spread its presence assumes increased significance as Qatar has more than $100bn worth of projects in the pipeline across various sectors.

Close on the heels of its successful projects in Qatar, DAMAC has released details of two further projects, the Garden Heights - a luxury residential high-rise and The Terrace at Fox Hills, both at the Lusail development.

The company also has plans to open dedicated sales offices in various parts of the country to leverage its presence in the market and showcase its unique projects in Qatar and the rest of the region to key audiences.

Disclosing details about plans in Qatar, Hussain Sajwani, Chairman of DAMAC Holding, said:

"Qatar is a strategic market for DAMAC Properties. The country is fast emerging as an important centre of business activity in the region and we have plans in place aimed at our involvement with upcoming projects in Qatar. According to estimates, nearly 200,000 families are expected to move into Qatar over the next three years and around 500,000 by 2012".

He added: "With our impressive growth portfolio across the region, DAMAC is moving ahead with the confidence of achieving substantial success and establishing itself as a quality leader in the Qatari market. The current construction boom, coupled with the expected increase in population makes Qatar an ideal investment opportunity for us".

Talking about its growth and future plans, Mr Sajwani said: "We are delighted to introduce other exciting projects for the discerning community in Qatar and the Middle East. Both these projects introduced today offer everything that one seeks - from state-of-the-art amenities to world-class luxury facilities".

Qatar is an integral component of DAMAC's expansion plans and part of the company's global vision.

DAMAC, which has over 500 million square feet of luxury projects and over 12,500 customers, also plans in the future to open a development office in Qatar to foresee the developing projects under way in the country.

In his comments, Peter Riddoch, CEO of DAMAC Properties, said, "The aggressive move into Qatar follows the unprecedented growth in the Qatar property sector over the recent years. The demand for housing units in the country has increased by a compound annual growth rate (CAGR) of 8% between 2000 and 2006, whereas the supply has grown by only 5%. The rents in the last two years have increased over 50%, while office rents have increased by 20-50%".

He added: "The DAMAC sales offices and the development office would double up as resource centers, showcasing DAMAC's master-plans, models, details on the progress of the various developments, and will extend details to both buyers and business partners on the various projects. Manned by highly trained and motivated professionals backed by a depth of knowledge and expertise, we will be extending the perfect blend of superior service and world-class luxury developments".

Garden Heights, strategically located in the Lusail development, offers distinctive luxury living with world-class infrastructure.

The high rise- tower will comprise one, two and three-bedroom apartments with penthouses.

The apartments will be equipped with state-of-the-art accessories, thoughtfully planned space and utilities, health club, steam and sauna facilities, aerobic centers, swimming pools, multifunction rooms, children's play area, lounge, juice bars and mini basketball courts.

Similarly, The Terrace will comprise one, two and three-bedroom apartments and will be also be equipped with similar amenities.

DAMAC Holding has now grown into a global conglomerate with more than 7000 employees in 18 countries.

DAMAC Properties has become the market leader with a strong sales record to its credit. DAMAC Properties won two prestigious awards at the recent CNBC Arabian Property Awards 2007 - for 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 in Business Bay Dubai has won the Best International High Rise Development Award that was held at Las Vegas recently.