Dubai-based Damac Properties is reportedly working on a “unique concept” to launch in Abu Dhabi as it looks to develop its land bank in the emirate soon.
After completing and handing over two projects in Abu Dhabi, the luxury real estate developer Damac Properties told Construction Week Online that it wants to “come up with products driven by the tastes of customers” in the city.
On the sidelines of a tour of its flagship development, Akoya, Niall McLoughlin, senior VP for corporate communications and investor relations, is quoted as saying: “We have two buildings completed in Abu Dhabi, namely Marina Bay and Oceanscape. Both of them are finished and handed over to customers.
“We currently have a plot of land with sales value of approximately $272 million. We plan to bring it into the market as and when it is the right time.”
He added: “Most of the lands that we have are on Reem Island. Both markets are different with a variety of requirements from customers. We plan to come up with products driven by the tastes of the customers in Abu Dhabi.”
Damac’s first development in Abu Dhabi, Marina Bay, is located close to the centre of the city, and offers waterfront residences with canal views. Another development, called Oceanscape, is a mixed-use development in Reem Island.
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