Damac Properties hands over its 'Terra Del Sol' project located at Discovery Gardens

Two buildings comprising of 99 units each, Terra Del Sol one and two are part of the massive Discovery Gardens project that is spread across a 26 million square foot plot.

Discovery Gardens consists of six themed communities inspired by garden living, and includes Zen, Mediterranean, Contemporary, Mogul, Mesoamerican and Cactus courtyard gardens. Terra Del Sol is part of the Mediterranean community. In addition to 198 units in Terra Del Sol the company is gearing up to handover another 7100 units by 2009/2010.

Sharing his views on the industry and Damac's focus on delivery of projects, Peter Riddoch, Chief Executive Officer of Damac Properties, said:

"We have seen a slight correction in the market and it's interesting to note that as per published reports the real-estate industry in Dubai grew by 5% in third quarter 2008 even during the global slowdown. Another key indicator is that rents have not come down whether it is residential or commercial - which means that demand, still exceeds supply. The delivery of Terra Del Sol to customers is a step towards our commitment and continued focus on completion of projects. We are determined to ensure that we go all the way to get our customers their homes as early as possible. We are working closely with all our contractors and providing them the necessary support mechanism towards timely completion of projects."

He added: "We would like to congratulate the owners of the Terra Del Sol on the possession of their new homes. 2008 has also been the 'Year of Construction' at Damac Properties, where we have aggressively focused on construction and contract delivery to trusted and quality contractors. Contracts worth Dhs2.5bn have been awarded in the first nine months of 2008 and we have also posted profits to the tune of over Dhs500m during the same period."

"At Damac we strive for the best and are committed towards delivering high-end luxury and high return on investment to our customers. In line with our commitment, we only work with a handful of high quality contractors. Over the last two years, we have made significant achievements towards developing our projects. Construction work is currently under way in many of our projects. The next couple of years are significant for us not only do we plan to hand over a large number of apartments to customers but we are also focused on awarding new projects to contractors." concluded Peter.

Discovery Gardens offers the residents a wide range of family-oriented amenities including 13 community swimming pools - 12 of which will include special children's pools - plus tennis, basketball and volleyball courts, gyms, a football pitch, cycling and jogging trails, mosques and extensive undercover parking. Across the road, Ibn Battuta Mall offers residents a choice of 250 shops, the region's largest cinema complex featuring 21 screens and an IMAX cinema, an enormous Geant supermarket, more than 30 restaurants and food outlets. Laid out amongst the 291 buildings, more than 30% of Discovery Gardens is reserved purely for landscaping, which ensures all residents can enjoy plenty of outside space as we cater for their varied needs.