By Ed Attwood
Dubai developer has awarded $1bn in contracts work in 12 months
Damac Properties is planning to hand over seven buildings in Dubai by the end of the first of half of next year, a senior executive has said.
“We’ve handed over 3,500 units to date, and by the middle of 2011, we will hand over another 4,000 units,” Niall McLoughlin, senior vice president, marketing and corporate communications, told Arabian Business.
The first building to be completed will be Ocean Heights, which will be handed over in the last quarter of this year.
Other projects nearing completion are the Excel Tower and Business Tower in Business Bay, Smart Heights in TECOM, Lago Vista in the IMPZ and Park Towers in DIFC.
McLoughlin also said that Damac had awarded $1bn worth of main contract works in the last 12 months on its various international projects.
“We’re focusing on getting our main contracts out, and getting all projects up and running in Dubai and Abu Dhabi. They need to be delivered, and then we will start constructing again for a second wave of projects,” he said, speaking on the sidelines of the Cityscape Global exhibition in Dubai.
“That will give us a competitive advantage, because we will have inventory coming to market when the sector – particularly in Dubai – will be picking up again.”
McLoughlin said that Damac had found a significant number of repeat customers, and that it had operated a programme of recovery, where the firm had worked to position buyers in other projects.
When questioned whether average real estate prices would drop by 80 percent from their peak, as suggested by the regional head of JP Morgan earlier this week, McLoughlin was dismissive.
“We don’t think it will fall that amount. As an organisation, one of our strategies has been primary plots and primary locations,” he stated.
“We haven’t seen the kind of prices that others may have seen in other locations. Yes, there’s been severe property price drops, but we don’t see it at 80 percent.”