DAMAC appoints main contractor for Lake Terrace, its third freehold property in Dubai

The agreement signed between Peter Riddoch, Chief Executive Officer (CEO) DAMAC Properties and Mahmoud Khalid, Managing Partner Al Hamed Development and Construction LLC, foresees the construction of the 40 floors lake front property in 20 months at a cost of around Dhs 150 million.

"We are very pleased to appoint Al Hamed Development and Construction as main contractor for our third freehold water front tower in Dubai. Al Hamed is one of the most respected construction companies in the UAE and they have assured us that they will be on time in completing the project in 20 months," Riddoch said.

He explained that Al Hamed Development and Construction work on Lake Terrace includes the building of two parking levels, in addition to a concourse level that includes the swimming pool and leisure amenities as well as 40 floors housing 544 apartments ranging from studios to one, two and three bedroom apartments.

Khalid noted that Al Hamed would build Lake Terrace on a total built up area of 55,000 square meters.

"This is a large development and we are pleased to be associated with one of the largest real estate developers in the country. Lake Terrace comes as another addition to our extended portfolio of projects and we are proud to be working with DAMAC Properties to ensure the delivery of a high quality and luxurious tower that reflects the success of DAMAC Properties and the construction excellence of our company," he added.

Lake Terrace, the third property under construction by DAMAC and the eight in a list of luxurious towers developed across master plan development projects in Dubai Marina, Jumeirah Lake Towers, Jebel Ali and Jumeirah Palm Islands and the Dubai International Financial Centre, offers a wealth of five star amenities, green walkways, restaurants and a shopping boulevard.

Founded in 1982, the multi-million Dirham DAMAC Group is one the largest conglomerates in the Middle East operating across 16 countries and employing over 5,000 people from more than 25 nationalities.

The group, holder of ISO 9002 international accreditation, operates a diversified portfolio of successful businesses ranging from industrial catering, to franchised restaurants, product manufacturing, education, insurance, global stock market investments and property development including commercial developments, hotels and multi-million waterfront properties that are internationally renowned engineering projects in their own right.