Damac buys Dubai Maritime City plot for new project

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Damac's managing director Ziad El Chaar.

Damac's managing director Ziad El Chaar.

Dubai-based Damac Properties has announced plans to transform a plot of land on the seafront at Dubai Maritime City into a high-rise luxury tower of serviced hotel residences.

The project is the latest announcement in an aggressive growth path by Damac in the past six months.

Since completing Marina Bay, its first project in Abu Dhabi, the company has announced strategic partnerships with both the Italian luxury fashion house Fendi, and the iconic movie makers, Paramount Pictures.

Damac is also developing Damac Esclusiva, a luxury serviced hotel apartment tower in the centre of Riyadh, Saudi Arabia and Damac Residenze, a private apartment project in Dubai Marina.

Damac's managing director, Ziad El Chaar, said: "Dubai is at the heart of our development programme and this investment is testament to the resurgence and our confidence in the market.

"The plot in Dubai Maritime City will offer stunning views of the sea and deliver quintessentially refined living, where we look after your every need."

He added: "By being one of the first developers to commit to Maritime City, Damac Properties has been able to secure one of the most exclusive plots in the whole development and we expect this project to drive significant demand.

"Dubai is back - in a big way. Consumer confidence is back, prices are rising and yet there remains a more sensible approach to the way developments are being brought to the market in Dubai."

Damac Properties said in a statement that it has already competed 37 buildings in the Middle East, with a further 66 at various stages of progress across the Middle East and North Africa.

The plot at Dubai Maritime City will take the company's total portfolio of buildings to 104.

"We are delighted that DAMAC Properties is leading the way in developing luxury living in Dubai Maritime City," said Khamis Juma Buamim, chairman, Drydocks World and Maritime World.

"The project will create a space where people can live; work and play, close to a stunning expanse of open sea and will be one of the most envious locations in the Middle East."

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Posted by: Dubaipm

What a misleading announcement by Damac? Dubai Maritime City is an abandoned project since Dec 2008 with no infrastructure and utilities for Damac to build their plot in the middle of sands! In addition, Damac has purchased the plot at the peak land prices, it paid approx. AED 300-350m for the plot only on the hope to sell units at 3,000+ AED/sq.ft., as a result of a mistaken vision by its previous CEO. This is impossible to achieve these days due to price stability and low demand, particularly in that area. So why Damac announcing this?

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