16 December 2012

Damac launches 53-storey Burj-side tower

Damac Properties has uannounced plans for a 53-storey tower in the vicinity of the Burj Khalifa in its first major project launch since 2008.

‘The Distinction’ will be a 195m tower with 295 serviced hotel apartments, many of which will look directly out on the Dubai Mall, its fountains, and the Burj Khalifa.

Designed by ZAS architects, the main contractor on the project, ANC Contracting, has now started work on the project, and the expected completion date for the tower is in the first quarter of 2015.

Niall McLoughlin, senior VP at DAMAC Properties, said: “Luxury projects in prime locations are driving the UAE property resurgence and ‘The Distinction’ will provide the quality of finish and service expected at this end of the market.”

The project has been driven forward by the improved sentiment in the Dubai property market, which according to REIDIN witnessed a 14% rise in average prices in the first nine months of the year.

McLoughlin continued: “In Dubai there remains a strong desire for the very best, and this, combined with an improving economy and limited availability of high-end developments, is driving the demand.”

The UAE’s GDP is set to reach 4.5% by the end of the year. Tourism to Dubai has also continued to grow, and there are big hopes for the Al Maktoum International Airport set to open in 2013.

In line with its expectations for growth Damac Properties will have 4,000 serviced hotel apartments under development by the end of 2013, with its first Burjside Boulevard set to complete in mid-2013.

McLoughlin added: “DAMAC Properties has become an established brand, synonymous with quality and luxury throughout the Middle East.”

Damac has so far completing 37 buildings across the UAE, with 7,817 units and 130 hectares of space.

WA International will be responsible for undertaking the interior work on The Distinction.

Source: www.constructionweekonline.com

Full article: http://www.reidin.com/news/showNews/?newsPath[]=/RIS/Web/Data/AE-REIDIN/REIDINMEDIAWATCH/20121217/20121217-1.html