Dubai: Damac Properties has topped up its land bank in Dubai by an additional 4 million square feet. The plots are located on the eastern and western sides of Shaikh Zayed Road at the Safa Park intersection and close to Dubai Canal. The deal also attests to the potential that the Canal extension holds for developers and the property market in general.
The purchase was done through a subsidiary — Damac Properties Development Co. — and entailed a financial outlay of Dh1.26 billion.
The payments are structured as a five-year deferred plan with the last payment scheduled in March 2020. “These acquisitions are in line with the company’s long term strategy of maintaining a five-year land bank and replenishing it with land in prime Dubai locations to ensure a sustainable pipeline of future developments,” the company said in a statement posted on the Dubai Financial Market on Thursday. “Further announcements on these development plots will be made in due course.”
The company’s previous big land acquisition in Dubai was in Dubailand and on which it later launched the Akoya Oxygen project. The developer confirmed upbeat financials for 2015, and had spoken about being able to sustain its sales momentum through this year.
