Damac set to award contracts worth Dh2bn

DAMAC PROPERTIES: CEO Peter Riddoch says to succeed in these tough economic times commitment to customers will need to be demonstrated. (Getty Images)

Damac Properties confirmed on Sunday it plans to award construction contracts worth 2 billion dirhams this year and aims to deliver an additional 7,100 units by the end of 2010.
 
The company also said it has completed almost 500 floors across all of its projects in Dubai.

''To succeed in these times of market uncertainty, it is important to demonstrate commitment to customers and maintain their confidence.

''Completion of projects and delivery is a key industry concern and our aim is to reassure our customers about their investments and deliver their purchases to them as planned,'' said Peter Riddoch, CEO, Damac Properties.

In a statement the company said it has delivered over 2,300 units during the last six months and is embarking on an aggressive plan during the next two years as it seeks to deliver 25 towers in total by the end of 2009.

With almost 500 floors completed across various projects and having already delivered 9 towers to date, the property developer said it ''is full steam ahead in construction''.

The company recently announced the completion of Lake View, Executive Heights and The Crescent.

Meanwhile, it is building a floor every 5.2 days at its Ocean Heights tower located at Dubai Marina. And the company’s twin tower development - Park Towers at DIFC - is rising by one floor each week.

Also, construction of the firm's XL Tower project, located at Business Bay, has reached the third floor while its Smart Heights development has reached the half way point of construction - 15 floors.

Elsewhere, external cladding and painting has started at Emirates Garden in Jumeirah Village.

The company has also completed the enabling works for its Executive Bay development at Business Bay.

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READERS' COMMENTS

Lakeside project of Damac
Posted by Ratan Srivastava on Wednesday 4 November 2009 at 09:09 UAE time


Please refer to my earlier complain regarding my investment with Damac at their lakeside Project at IMPZ. I could see that the CEO of Damac has given statements about further Damac investments, but has no single work or clarifications about their Lakeside project. It is very dissapointing to note there is no one in Damac office to respond to your call or listen to our quiries. RERA/Loval governmenet authorities must intervain and help to get the refund back to the investors as the project has been delayed as of now to the year 2013, where it was suppose to be delivered by end of 2010. I expect RERA/Local goverment authorites will swiftly take some actions to retain the confidence of invetors into this country.

Feedback
Posted by Ratan Srivastava, Dubai, UAE on Sunday 10 May 2009 at 11:08 UAE time


I have invested in Lakeside, IMPZ and after one and half year, still the construction has not started at this site. I have been calling and emailing to Damac, Dubai, but no one is able to answer and let me know about the development of this project. They have posted some construction related picutre on their website, but these are the same pictures which they had posted 1 year back and there is no further progress on construction. I have been requesting for refund, but in vain. I hope RERA will lookinto the matter and help me to get the refund or get my flat in time.

DAMAC needs to refund investors on Commercial Square
Posted by Geoff Dickinson, Dubai, UAE on Friday 8 May 2009 at 13:21 UAE time


I invested in HAZ Tower a DAMAC property in Business Bay, Dubai in June 2007. In September 2007 they finally said they would issue the contract and promised completion of the project by early 2009. They finally issued the contract in September 2008 and insisted I could not take the contract away and made me sign it at their offices and only gave me back a signed copy many weeks latter. I paid 100% on this project two years back, but, in September 2008 they changed the office sizes and increased the price and I was then advised I had paid 40%. To date after 2 years the site has a fence and a portacabin and no work is going on. I have repeatedly asked for my money to be refunded and they refuse. My lawyers have written 4 hand delivered letters to DAMAC over the past 5 weeks and they refuse to reply to any of them.

what contracts??
Posted by anu on Thursday 7 May 2009 at 14:46 UAE time


complete hogwash...dont beilive a word of it..typical damac deception by misrepresenting facts that are not true similar to thier projects.
In fact they have an entire team working on slashing contractors rates agreed upon

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