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Sun 11 Jul 2010 01:03 PM

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Damac awards enabling contract for Versace tower

Work on Beirut tower is set to take nine months to complete due to the rocky terraine.

Damac awards enabling contract for Versace tower
LUXURY PROJECT: An artists impression of the joint Damac/Versace project in Lebanon.

Dubai developer Damac Properties has awarded the enabling works contract for its real estate project in Beirut to Zetas Apex Foundation Technologies.

This phase of construction is expected to take nine months due to the rocky terraine, and will involve piling and excavation to a depth of 24m, Damac said in a statement on Sunday.

The 28-storey luxury tower, in the downtown area of the Lebanese capital, is being built in collaboration with the Italian fashion giant Versace.

The building is slated for completion in 2013 with apartments set to start from $700,000.

Ziad El Chaar, general manager of Damac said: “We are delighted to announce that work on site is commencing within two weeks of the launch of this prestigious project.”

The developer said it was also aggressively moving forward with construction plans and developments in Abu Dhabi, Jordan, Qatar, Egypt and Saudi Arabia.

“Part of our success across the Middle East to date has been the ability to spot prime locations and deliver iconic buildings in those areas,” El Chaar said.

Damac Properties, part of Damac Holdings, was established in 2002, as a private residential, leisure and commercial developer in Dubai and the Middle East.

The firm currently has 11,313 units under construction across the region, it said in a statement.

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