Half way milestone for Damac Properties' three tower project- Lago Vista

The three tower development is one of Damac's most recent residential developments and will feature studio, one and two bedroom apartments. Two towers have now reached the 15th floor with the third having completed its 13th floor this month.

Lago Vista is situated on the Emirates Road with excellent links to the nearby port at Jebel Ali. The two 21 and one 24 storey tower development features Mediterranean style architecture with crescent shaped entrances along with landscaped gardens containing fountains and walkways. All the apartments at Lago Vista have been carefully designed to offer residents a panoramic view of the surrounding area which will include the glittering lights of Dubailand in the future.

CEO of Damac Properties Peter Riddoch, welcomed the progress at the Lago Vista site and said it reflected the company's continued commitment to delivery.

'This is one of our most recent residential developments so it is pleasing to see that construction is progressing so well at all towers - and that we are now entering the second half of the construction phase,' he said.

'Lago Vista will be ideally placed for residents to make the most of life in Dubai - from enjoying the waterfront views to using the nearby golf courses and of course it will be extremely well situated for the attractions of Dubailand.'

Lago Vista is in good company at IMPZ alongside two other Damac Properties developments. At The Crescent, the company is about to handover 848 units to customers, who are currently carrying out final inspections of their properties. Meanwhile at Lakeside, a 4-tower residential project, the main contractor will be commencing construction soon.

Mr Riddoch added:

"IMPZ will offers its residents a great location - with the modern infrastructure of the Emirates Road nearby - yet set in a green and peaceful environment with lakes and parks to enjoy. We think that the Mediterranean style architecture of Lago Vista is a perfect complement to this setting."

2008 has been the 'Year of Construction' at Damac Properties, during which its businesses have aggressively focused on construction and contract delivery to trusted and quality contractors. An impressive Dhs2.5bn worth of contracts were awarded in the first nine months of 2008. From initial consultants through to enabling and main contractors, the company has awarded more than 60 contracts in the first nine months of the year - showing that it means business when it comes to delivery. So far approximately Dhs2.1bn worth of contracts have been awarded by Damac Properties in Dubai, Dhs45m at projects in Abu Dhabi and a total of Dhs320m by Damac International in Qatar and Jordan.

In line with this, the company is making good progress at its major developments and has recently handed over 571 units at Lake Terrace in Jumeirah Lake Towers in Dubai and with the promise of delivery of 192 units at the Executive Heights project at TECOM in Dubai, 198 units in its Tera Del Sol developments in Discovery Gardens in Dubai, 536 units at Lake View in Jumeirah Lake Towers in Dubai and 847 units at The Crescent, located at IMPZ in Dubai, all before the end of 2008.