Business | Property
Damac unveils Qatar project
Damac Properties on Monday said it has launched its first commercial tower in Qatar Business Square.
- Staff Report
- Published: 00:09 July 8, 2008
Dubai: Damac Properties on Monday said it has launched its first commercial tower in Qatar Business Square.
Business Square is an urban development spanning 39,000 square metres and is located in the southern end of Lusail, close to the West Bay area, within the Marina District. The launch comes close on the heels of an announcement made by the developer last month on the opening of their first sales office in Qatar.
Business Square is 20 storeys tall and is meticulously designed to enhance a productive work atmosphere so as to reap good returns. The value of the project exceeds 400 million Qatari riyals.
Growing economy
Peter Riddoch, chief executive of Damac Properties, said" "Qatar is the world's second-fastest growing economy in the property sector in 2008. The Qatari real estate sector, which has evolved substantially over the years, is currently experiencing an incredible demand for highly profitable real estate investments.
"Business Square is a step forward by us to strengthen our presence and showcase our commitment to the Qatari market. We are moving aggressively into Qatar with two residential launches, the opening of our first sales office, and our first commercial tower launch in just over two months."
The real GDP growth in Qatar is expected to top 14.3 per cent this year and 13.5 per cent in 2009. The construction projects in the region are expected to experience a steep rise in the next three years and Damac Properties is eyeing huge investments in Qatar's real estate with more than $45 billion worth of projects in the pipeline across various sectors in the region, he said.
In April, Damac Properties released details of two residential projects: Garden Heights - a luxury residential high-rise and The Terrace at Fox Hills, both at the Lusail development.
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