Park Avenue located on the Cairo/Alex Desert road is Damac's first project and was launched in October 2007. Park Avenue is a unique retail and commercial development spread across over 32 acres. The second and third projects are located in New Cairo and are spread across 4,500,000 million square meters. Hyde Park, launched in December 2007, is a residential project consisting of an exclusive villa development.
In February 2008, the first phase of Park Avenue at New Cairo, a retail and commercial development, was launched. The fourth project is Centre Ville. Also located in New Cairo, Centre Ville is a private gated community set on an expansive area of 640,000 square meters. The fifth project, Gamsha Bay is planned upon 30 million square meters and located directly on the seafront of Gamsha on the Red Sea.
Progress on all projects is ongoing, and Damac has upgraded the Park Avenue project at the Cairo/Alex Desert Road with an extra cost of LE170m whilst retaining the original unit prices.
Excavation works at Park Avenue, Cairo/Alex Desert Road began late February 2008 and will be complete in the next two months. In June 2008, concrete works were also awarded. Grading works have been tendered for the New Cairo Development and will commence in July 2008. By the end of July/early August, land cleaning procedures at Gamsha Bay will be completed and work will commence.
Appointments of consultants and contractors are ongoing. ACE consultants have been hired for Park Avenue's supervision and ECG consultants have been hired for New Cairo's design and supervision. Further local consultants are continuously being appointed in order to meet delivery.
The company currently employs 445 Egyptian employees and projects a 35% increase by 2009. Nine Damac offices have been opened in Marghani, New Cairo, Orouba, Maadi, Nile City, Cairo/Alex Desert Road, Heliopolis, Sharm El Sheikh and Hurghada with an additional four to come.
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Damac Properties currently has five projects under development in Egypt
- Egypt: Sunday, July 20 - 2008 at 10:55
- PRESS RELEASE
Damac Properties, the luxury lifestyle provider and Middle East's largest private sector master developer, announced that it currently has five projects under development in Egypt.
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About Damac Properties:Damac Properties is part of Damac Holdings. Damac properties was established in 1995 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, Saudi Arabia and the Far East.
The company's portfolio includes properties spread across 500 million square feet. 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 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, Reading, Leicester, Birmingham and Glasgow), Ireland, Italy, UAE, Iran, Russia, Jordan, Lebanon, Egypt, KSA and Qatar.
The parent company, Damac Holdings, 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 contact:
Niall McLoughlin
Senior Vice President - Corporate Communications
Damac
Tel: +971 4 3322005 Ex 336
Fax: 00 9714 3311028
Mobile +971 50 6251329
Salah El Din Alwi
Assistant Media Relations Manager-Promoseven
Weber Shandwick PR
Tel : 00 202 33048560/1/2/3
Fax : 00202 3047213
Mobile : 002012 3979586
Raphaela Savvides
Manager - Corporate Communications
Damac Properties
Tel: 00 202 22664011
Fax: 00 202 22665077
Mobile : 00 201 00091891
Posted by Siba Sami AmmariSunday, July 20 - 2008 at 10:55 UAE local time (GMT+4)
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