By Andy Sambidge
Dubai developer teams up with Italian fashion giant; project slated for 2013 completion.
Dubai developer Damac Properties on Friday announced the launch of Damac Tower in Lebanon, a project in collaboration with Italian fashion giant Versace.
The 28-storey luxury tower is slated for completion in 2013 and will be built in downtown Beirut. Apartments in the tower will start from $700,000.
It is the second collaboration between the developer and Versace after it opened the Versace Home retail outlet in The Dubai Mall last year.
Commenting on the partnership, Hussain Sajwani, the Damac chairman, said it would "deliver the most prestigious and sought-after property in Beirut".
"We will be working with Versace to combine our considerable expertise and talent to create a state of the art property that will provide a unique and exclusive opportunity for investors in Beirut," he added in a statement.
"We feel the time is now right for the launch of this high-end and bespoke product to a market which continues to show signs of buoyancy and recovery," he said.
Santo Versace, president of Versace, said: "We are very excited to be working with Damac Properties to create what will become one of Beirut's premiere addresses. Our knowledge combined with the developer's vision will result in a project unlike any other."
If the projected completion is 2013, buyers should look at Damac's delivery record in Dubai and expect completion sometime after 2015...have they had even 1 project completed less than 2 years late? The Waves, Marina Terrace, etc. all late
With regard to delays, and to be fair to DAMAC, they are the only company in Dubai that have actually delivered a project on time and this was back in July 2006! After that, all projects had delays and that was mainly in sync with the Dubai property development trend that was being done by every single developer in Dubai, and most buyers/investors weren't bothered by those delays, as they were seeing their asset appreciating in value every day regardless of the construction! Back to Beirut, I think that the model in Lebanon is different, and the expectations of the buyers are also different as many of them would be buying to use and not as investments! Therefore, I personally think (but of course I can't be sure) that DAMAC would deliver this project on time which is promised to be 3 years after building permit granted (that being no later than December 2010)
Damac should at least complete the pending projects like Waves before signing up to new projects. With all the pending projects some of which even did not started and the delay period is "unknown", people should be cautious while investing in any Damac project.
Beirut..... the final property bubble in the Middle East. It will pop, folks... just a matter of time!
Let them pay for there costumers for pending projects they got money form ppl since 2007 and they didn't even start building and they wont .(Lotus Project) any1 would deal with DAMAC should read contracts carefully cause they are always in the safe side and they don't take any responsibility even if they don't deliver