Dubai-based Damac Properties has started laying basement slabs on four of its towers in Business Bay and has completed pilling on three other projects, the developer announced on Tuesday.
The developer has nine projects in the Business Bay area and this week began casting basement slabs at four of its towers, including The Corner, Executive Bay, Capital Bay and Park Central.
“Once the slabs have been cast, construction tends to speed up quite significantly” said Niall Mc Loughlin, vice president of DAMAC Properties.
“Once we reach the first floor it should be a floor a week from there onwards, that’s the general rule of thumb” he added.
The company also confirmed has completed piling on three other projects, Commercial Square, Water’s Edge and Business Central and will hand over its two office towers, Business Tower and XL Tower, by mid 2011.
In October, McLoughlin told Arabian Business Damac is planning to hand over seven buildings in Dubai by the end of the first of half of next year.
“We’ve handed over 3,500 units to date, and by the middle of 2011, we will hand over another 4,000 units,” he said.
The first building to be completed will be Ocean Heights, which will be handed over in the last quarter of this year.
Besides Business Tower and XL Tower, other projects nearing completion are 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 added.
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