JEDDAH, 22 July 2007 — DAMAC Properties said yesterday that its first iconic project in Saudi Arabia has received an “overwhelming investor response.”
The 40-story “Al Jawharah” residential tower, projected on the Jeddah Corniche and alongside the Red Sea with several units “amid beautiful landscaped surroundings,” have already been sold, Hussain Sajwani, chairman of DAMAC Holding, told the media yesterday. The residential tower will have luxurious one-, two-, three- and four-bedroom apartments and penthouses.
“By 2012, DAMAC Properties aims to be the most admired luxury property services company in the world. Saudi Arabia will be an integral component of our expansion strategy and also part of the company’s global vision,” he said, adding that the Kingdom is of great advantage for expansion as it is a country of modesty and tradition. “For many, it has a fascinating culture, one that cannot be experienced elsewhere. And Jeddah is chosen because it is Saudi Arabia’s second largest city that has earned itself the reputation of being the recreational, commercial and tourist center,” he added.
“Al Jawharah’s prime location and its vast array of facilities make it a good buy for investors and home owners. Al Jawharah is a superior living environment with every conceivable modern facility including advanced smart home devices that ease home management. The starting price for a one bedroom apartment is SR1.356 million and the project is expected to be ready by the end of 2010,” Peter Riddoch, CEO, DAMAC Properties, said.
DAMAC Properties, which recently won three prestigious awards at the CNBC Arabian Property Awards 2006, has also bagged the best development award for “Oceanscape”, best architecture award for “Ocean Heights 2” and the best website award for the company’s website — www.damacproperties.com. In December 2006, the company also won the IREF ME award for the best residential development in the UAE.
DAMAC Properties is part of DAMAC Holding. The company was established in 1996 and has grown into one of the most successful residential, leisure and commercial developers in Dubai and the Middle East, and is expanding rapidly into North Africa, Jordan, Lebanon, Qatar and the Far East. The company’s portfolio of 52 towers is worth over AED15 billion.
“By partnering with world renowned architects and designers, DAMAC Properties aims to develop schemes that include residential, commercial and leisure facilities that will create an integrated community,” he added.
The company’s schemes are located in the “most desirable and exclusive locations” and the homes are built to a high quality specification that has become synonymous with the group. “Driven by a passion for excellence, DAMAC Properties manage all their projects from start to finish. The company’s diverse range of expertise allows it to control its land purchase activity, appointment of architects and designers, construction and sales and after sales service,” he added.
In addition to support services provided by its Dubai headquarters, the company’s comprehensive customer care program provides solutions through its vast regional network with offices in the UK (London, Manchester and Glasgow), UAE, Iran, Russia, Jordan, Lebanon and Qatar.
DAMAC Holding has grown over the years from a specialist catering company established in 1982, into a multi-billion dollar corporation to become one of the largest organizations in the Middle East.
