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Mon 16 Jun 2014 03:44 PM

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Dubai's Damac says Versace tower hits construction milestone

Developer says $300m Damac Tower in Beirut has been topped off; project is collaboration with Italian designer

Dubai's Damac says Versace tower hits construction milestone
How the inside of Damac Towers in Beirut will look.

Dubai developer Damac Properties on Monday announced that its Damac Tower project in the Solidere area of Beirut has been topped off.

The $300 million luxury project is a collaboration between Damac and Versace Home which will deliver bespoke Versace Home interior design packages throughout.

The key construction milestone was hit as research reported by CNN suggested Beirut was the most important "rising city worldwide, with the potential to show extra strong residential property price growth".

The report, commissioned by Candy & Candy, and produced by Savills in partnership with Deutsche Asset Management, said that "real estate in the city looks very cheap by international standards with considerable growth potential".

"As a Lebanese national, I have always been a huge believer in the growth potential of the sector in Beriut and it is great to see that recognized in the international markets," said Ziad El Chaar, managing director, Damac. "Damac Tower is right at the heart of Solidere - one of the most sought after and desirable locations in the city.

"Now that the project is topped off, we can get to work in earnest on the stunning Versace interior designs. We are at very exciting stage of the development."

The facade work has already reached the fourth floor and the block work is at the 21st floor, while interior design work is currently ongoing in the first five floors, Damac said in a statement.

Damac Tower was introduced as the first exclusive Versace Home branded residential tower in the region.

The project will feature spacious private units with custom designed interiors by the famous Italian fashion house. All the common areas including the health and fitness facilities, the concierge reception and the main lobby will feature Versace Home products.

El Chaar added: "Damac Tower promises to bring to Beirut a never-seen-before top-end designer lifestyle and appeal to a clientele who know what they like and why they like it. They are stylish, with a passion for the dazzling and eye-catching."

Established in 2002, Damac has delivered almost 10,000 units to date and currently has a development portfolio of over 25,000 units at various stages of progress and planning as of March 31.

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