Investors eye on commercial property market

A recent move in the freehold industry to create more commercial freehold projects opened a new sub-market for those who invest in commercial assets.

In order to answer the needs of investors, DAMAC Properties Commercial Division held an Open Day on Tuesday, 28 February 2006, at its Dubai Media City sales office, which drew large crowds of investors not only on a national level but also many from abroad.

"Much of the interest during the open day was in Executive Heights, our office tower located within the Dubai Technology and Media Free Zone (TECOM), as well as our few remaining retail spaces in Park Towers at DIFC,"

said Peter Riddoch, CEO at DAMAC Properties.

"The DAMAC open day was a great success. It is the first of many that we plan to hold in the future," he added.

DAMAC's commercial division was recently introduced to market the company's retail and office spaces.

"We are very pleased with the achievements of our newly launched Commercial Division. Since introducing the division two months ago, we have seen a considerable rise in the amount of sales of our commercial properties", reiterated Riddoch.

The Commercial Division meets DAMAC Properties' commitment to provide quality and specialist services to its customer base", commented Riddoch.

The division is headed by Senior Director of Sales Ihab El Mahalawy, and Director of Sales Craig Johnson who can be contacted on 04 321 4888.

The total value of DAMAC Properties' projects is over AED 10 Billion. It is a subsidiary of DAMAC Holding, an accredited ISO 9002 company that has grown into a global conglomerate with more than 5000 employees in 16 countries. Being the first private developer to make a commitment to Dubai's real estate market, DAMAC properties has become a market leader with a strong sales record to its credit.