Damac Properties marks double success for first half of year with progress and new contracts

So far in 2009, Damac has handed over developments at Lake View and The Crescent in Dubai. In addition it will be handing over two projects at its Emirates Gardens development at Jumeirah Village South by the end of the year along with Smart Heights, a commercial tower at TECOM and Lago Vista - a three tower project at IMPZ.

The company has continued to make construction progress at many of its other developments at Business Bay with enabling works completed at three new projects; whilst its Business Tower development has reached the 10th floor and its XL Tower is at level 13.

Meanwhile enabling works have also been completed this year at the company's Amber Residence complex at Dubai World Central, Lincoln Park at Dubailand and at Lakeside at IMPZ. At the more advanced developments, Ocean Heights, Damac's flagship 90 storey residential tower at Dubai Marina has reached 57 floors whilst at Park Towers, the company's only project at DIFC, construction in the twin towers has reached floors 23 and 25.

Damac has also announced that it will award some nine new contracts before the end of the year - it recently announced the appointment of Stromek to undertake a Dhs5.6m piling contract at Burjside Boulevard and is expecting to announce enabling work contractors for Marina Bay in Abu Dhabi and The Piazza in Qatar within the next few weeks.

Chairman of Damac Properties Hussain Sajwani said the progress shown by Damac in the first half of the year was all the more significant in light of the worldwide economic slowdown and the particularly severe effect that this had had on the UAE and Middle East property market.

"The progress that we have made this year on handing over properties to customers, continuing construction on site and even the awarding of new contracts would be impressive even if we were operating under 'usual' business conditions," he said.

'However to have achieved all of this against a backdrop of reduction in liquidity for investors, the property market contracting on a worldwide basis and many developers slowing down is really a testament to our commitment to our customers and also our robust approach to business.

"There is no denying that this has been a very difficult year so far but we are continuing with our plans and hope that the second half of 2009 may even bring about some small indicators of recovery here in the Middle East.'

Damac has pledged to have delivered 25 towers by the end of 2011 and developments planned for handover next year include Park Towers, Damac's iconic twin tower development at DIFC and Ocean Heights - a 90 storey luxury tower occupying a prime location at Dubai Marina. The company has already handed over more than 2,300 units to customers and plans for another 7,100 by the end of 2010.

The company attributes its commitment to continued construction as one of the reasons it has been able to perform well during the first half of 2009. Recently customers were invited to take part in a 'Recovery Programme' where by they were given the option to switch their investment from a less advanced development to a ready or nearly completed project - so giving them the opportunity to realise their asset more quickly.

Chief Executive of Damac Properties, Peter Riddoch explained: 'Our ability to offer customers a range of options has undoubtedly been one of the strengths that we have capitalised on during the first half of the year

"We have a lot of challenges still to face and we are monitoring all our plans and developments - with constant reviews and assessments of the changing market conditions. It is this ability to react and adapt accordingly that has given us our strength in recent months,"

said Peter.

"Our intention is to remain focused and by doing this we aim to continue the second half of 2009 in much the same way as we did the first.'