One floor completed 'every week' at Damac Properties' Ocean Heights tower

The 84 storey skyscraper is being constructed by Arabtec, one of the Gulf's leading construction contractors and currently staffs on-site are successfully delivering one complete floor in a little over every five working days.

Ocean Heights is set to be one of Damac Properties' most iconic buildings with a twisting architectural design which is now starting to take shape. People driving past the building at Dubai Marina can now witness the building starting to give the appearance of 'turning' as it reaches the 30th floor.

CEO of Damac Properties Peter Riddoch welcomed the progress on site by Arabtec and praised the focus and efficiency they had shown.

"We are working with Arabtec on many of our buildings. They have a reputation for delivering successfully on projects and for meeting even the most complicated of building challenges. With delivery being at the heart of the DAMAC promise for customers it is so important to us to see progress of the nature we are seeing at Ocean Heights. One floor being completed every week is something both companies are rightly proud of,"

Peter said

Ocean Heights will eventually offer 680 apartments ranging from one to three bedrooms. In addition several floors of the building will feature Damac Properties' Signature Series penthouse range - ultimate luxury apartments with the latest in hi-tec gadgetry and luxurious home comforts. These apartments have been designed by HBA (Hersh Bedner Associates), a leader in hospitality interior design worldwide, and combine elegant décor with the most up to date home management systems.

In addition to providing stunning individual homes, Ocean Heights will offer an outdoor leisure deck complete with pool plus a gym and sauna/steam rooms for all residents. There will also be restaurants and cafes at ground level with nearby links to the new Dubai Metro and extensive leisure facilities and shops of the Marina on hand. The building is scheduled for completion in 2010.

Mr Riddoch added, "Ocean Heights is set to become one of Damac Properties' flagship buildings with its eye-catching external design and beautifully finished apartments so we are delighted to see the excellent progress being made on site. We are confident that continuing to work closely with Arabtec we will continue to make further strides during the first few months of 2009 and people in Dubai will continue to see swift progress being made at this iconic building."

A Significant Year

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.

Approximately a further 7,100 units are planned for handover in 2009/10 across the region.