Dubai's Damac vows to deliver on project promises

Developer's MD says critical to show action following recent announcements of mega projects
An artists impression of the Akoya project.
By Andy Sambidge
Tue 25 Jun 2013 08:24 AM

Dubai-based developer Damac has vowed to deliver on its promises after launching a series of high-profile new developments in the region.

The real estate firm's announcements include the Akoya mega project in conjunction with US billionaire Donald Trump as well as a host of luxury serviced hotel apartments in the Burj Area of Dubai and Riyadh, Saudi Arabia.

With the resurgence in property prices over the past 18 months, developers have returned to market with billions of dollars worth of new projects to tap fresh demand from investors.

But Ziad El Chaar, Damac's managing director, said in a statement: "It can't just be announcements; it is critically important to show action and consistent progress.

"Dubai will define its global position in the coming couple of years as international investors watch the speed of delivery for these major projects."

He added: "Alongside a prime location and a luxurious living environment, delivery timelines is now one of the top three deciding factors for any buyer. Clients want to look at your track record of delivery to ensure you deliver what your promise."

Dubai Statistics Centre recently announced that 736 buildings were completed in Q1, a 6.6 percent increase compared to the previous quarter, with a value of AED3.73bn.

Damac said it has completed 8,890 units to date, with a further 5,193 units to be completed before the end of the year - 2,810 of which will be serviced hotel apartment.

On Sunday, Damac said it has hired golf course architect Gil Hanse, the designer who was recently commissioned for the 2016 Olympics in Rio, Brazil, to work on the Dubai golf course by Trump International set in Damac’s Akoya development.

The 7205-yard, par 71, 18-hole Championship course is the focal point of ‘Akoya by Damac’, a 28 million sq ft development in the emirate.

Construction is already underway at the project, which will include a 30,000 sq ft club house – claimed to be the largest of its kind in Dubai – as well as a Trump Spa & Wellness centre and a selection of dining venues, all of which will be managed by Trump.

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