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Wednesday, November 25 - 2009

The Buildings by Daman reports 100% sales

  • United Arab Emirates: Monday, September 22 - 2008 at 14:23
  • PRESS RELEASE

The Buildings by Daman at the Dubai International Financial Centre was quoted as having a full sell-out of all residential tower units as well as the office block.

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  • TBBD entrance.
    TBBD entrance.
Shehab Gargash, CEO of Daman Investments said:
"We are very pleased with the project in every aspect. Sales were stellar, interest remains high and we have witnessed a steady demand for sales from the secondary market. Our investors have all seen an exceptional appreciation in the value of their initial purchase price."


Mr. James Knowles, Director of Sales at ASTECO (the managing agents for sales and leasing) was quoted as saying: "This project has been exceptional in every way. We have found that we have a great demand for secondary sales and not enough inventory to meet the demand. Most of the buyers in the building - whether institutional purchasers for the office building units or residential purchasers - are the final end users which is not always the case in the market. We are looking forward to the final release of the new ultra luxury apartments - and eager to begin sales early next year."

Munjid Al Alami, Project manager was quoted as saying that construction is well underway. Commenting on delays in the building and the industry in general, Mr. Alami said:
"The entire industry is facing shortages of supply and pressure in every aspect of construction due to the huge demand generated by Dubai's incredible expansion. In our case - we have a project that has more than 3.3 million square feet of built up area, and the largest footplate for open space offices in Dubai offering nearly 48,000 square feet of open space offices with virtually no columns. Our residential towers rise 60 floors above the podium and the entire structure has 6 podium levels and 4 basement levels. The complex has a 5 star hotel and automated parking at the podium level. All in all, it is a very sophisticated and complicated building that we believe will be a new landmark once finished."
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Notes and media contacts

About Daman Investments PSC
Daman Investments PSC is a private joint stock company based in Dubai and capitalized at Dhs200m. From its early beginnings in 1998, the group has grown rapidly into a non-bank financial services company now widely recognized as an authority in its core markets, the Gulf Cooperation Council and Iraq.

Known for offering innovative investment products and services to both regional and international clients, Daman provides investment management and development capital investment opportunities as well as domestic and regional brokerage operations through its subsidiaries. Daman is committed to the principles of ethical business practice and operational transparency. All Daman's various operations are regulated by the United Arab Emirates Central Bank, the Emirates Securities and Commodities Authority (ESCA) and the Dubai Financial Services Authority (DFSA). Daman is well positioned for its clients as their gateway to the new Arab World economy.

About The Buildings by Daman At the Dubai International Financial Centre www.thebuildingsbydaman.com
The 225-meter high Buildings by Daman - located in the heart of the DIFC precinct- is a 65-floor mixed use residential and commercial complex. It includes freehold apartments, offices,
a luxury hotel and retail space, encompassing 1.6 million square feet of GFA, and 3.3 million square feet of built up area surrounded by sculptured gardens and water features.
The project is being built on a 220,000-square foot plot of land which was acquired through a
tender process during 2004. The official ground-breaking ceremony for the project was held on site December 18, 2005.
Commercial Offices: The project will have a dedicated commercial tower offering almost 50,000 square feet of prime office space per floor with open space offices. This unique floor layout yields approximately five times the average commercial floor space on Sheikh Zayed Road properties, and offers tenants a maximized floor space plan with no irregular corners.

Residential apartments: The 900,000 square feet 65-floor residential component has 1, 2, 3
bedroom simplex and duplex apartments which will have continuous sky-view terraces spread
along the length of each apartment. The apartments feature hardwood parquet floors in the living, dining and bedroom areas, tiled floors in the kitchen and bathrooms.

Mosaic and tile back splash areas in the bathrooms and kitchen, hardwood work areas in the kitchen with granite countertops throughout and full white goods appliances (Washer/dryer, refrigerator, dishwasher, oven with hotplate cooking surfaces, microwave, under sink disposal unit) are delivered in all apartments.

The residential apartments have individual controlled temperature control units in every room for comfort and user convenience. All apartments have pre-delivered recessed lighting with individual lighting controls

For further details please contact:
Daman Corporate Communications
Tel: 971 4 332 41 43
Fax: 971 4 332 42 40

Or Yasser Fathy / Walid El-Tigi
Arabia PR FZ LLC
Tel: + 971 4 391 12 00
Fax: + 9714 390 45 11

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