Damac completes and delivers Lake Terrace

Dubai: Dubai developer, Damac, yesterday announced the completion and delivery of 572 units in its Lake Terrace project at Jumeirah Lake Towers as the first step in handing over around 16 projects by 2010.

Damac is due to hand over five projects in total in 2008 and 11 projects in 2009-2010.

Hussain Sajwani, chairman of Damac Holding said, "2007 saw a far slower pace of completed projects, with handovers of only 11,000 units of the expected 57,000 units across the region. The region has been facing a steep challenge on delivery of projects due to shortage of quality contractors and the rising costs of construction material.

"In 2008, Damac will deliver over 2,300 new units and we expect to deliver an additional 7,100 units in 2009-2010."

In 2008, Damac will deliver 527 units in Lake View at Jumeirah Lake Towers, 192 units in Executive Heights at Tecom, 198 units in Tera Del Sol 1 and 2 and 848 units of The Crescent at IMPZ.

Sajwani said there are over 2,100 projects either planned or underway in the Gulf region and over 23 per cent of these are in Dubai.

"The property boom in the region, especially Dubai, has far exceeded the region's capabilities to develop these projects on time. The delivery of our Lake Terrace project is a step towards our commitment and focus on completion of projects," Sajwani said.

Big years

Peter Riddoch, chief executive officer of Damac Properties, said, "Construction work is currently underway in many of our projects. 2008-09 and 2010 are big years for us. Not only do we plan to hand over a large number of apartments to customers but we are also focused on awarding new projects to contractors."

In relation to plans on developing in Pakistan, Niall McLoughlin, senior vice president of corporate communications said, "We have a sales office in Pakistan that we obviously promote. In relation to development, we are always looking at opportunities in many countries and will make announcements at the appropriate times."