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Damac Properties enters Abu Dhabi

Dubai: Damac Properties yesterday launched two projects in Abu Dhabi, marking its entrance into the emirate.

Dolphin Towers, a three-tower structure, including 400 one-, two-, and three-bedroom luxury condominiums and 10 sea-facing townhouses, will be located at the Al Raha beach development.

Oceanscape, a mixed-use undertaking, including 184 one-, two-, and three-bedroom apartments with state of the art finishing and eight townhouses, is due to be positioned on Al Reem Island.

The Dubai-based real estate company has arranged with Abu Dhabi Commercial Bank (ADCB) to provide 90 per cent mortgage financing for 25 years. Buyers in both properties will have to pay a Dh500 monthly installment throughout the period of construction.

Damac Properties, in association with Union National Bank (UNB), will also provide 90 per cent mortgage financing for 25 years.

Hussain Sajwani, chairman of Damac Holding, said in a statement yesterday, "Our 'double debut' in Abu Dhabi is a natural progression towards a prosperous future for Damac Properties due to the strong growth potential of the Abu Dhabi real estate market."

The value of Damac Properties projects is over Dh10 billion.
 

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DAMAC Properties announces spectacular “Double Debut” in Abu Dhabi
Author: Property World Middle East Wednesday, April 26, 2006 at 17:05

Company introduces its first freehold projects in the Emirate
Luxury lifestyle provider, DAMAC Properties, announced its spectacular ‘Double Debut’ in Abu Dhabi, launching two prominent real estate projects on the same day.

Dolphin Towers will be developed as a three-tower structure, including 400 one-, two-, and three bedroom luxury condominiums and 10 exclusive sea facing townhouses, located within the stunning new Al Raha beach environment. The second project, Oceanscape, an iconic mixed-use building, including 184 one-, two-, and three bedroom apartments, subject to state of the art finishing and accompanied by 8 townhouses, will be constructed on the highly desirable Al Reem Island.

The company has a Memorandum of Understanding (MOU) in place with Abu Dhabi Commercial Bank (ADCB) to provide mortgage financing for all customers wanting to buy properties in each of the newly launched developments. Under the terms of the MOU, ADCB will offer a highly competitive processing fee and interest rate, in addition to 90 per cent financing for a period of 25 years. Purchasers of either property will pay an AED 500 monthly installment during the course of construction.

DAMAC will also provide mortgage financing through Union National Bank (UNB), a leading institution with an extensive network inside the UAE. The bank’s high population of branches will enable clients across the country to apply for an extremely competitive mortgage scheme of up to 90 per cent financing over 25 years, providing them with the opportunity to buy into DAMAC’s new projects in the UAE capital.

Apartments in Dolphin Towers offer intense aquamarine sea views and the latest in smart home technology. Each townhouse possesses a definitive ethos of exclusivity and comfort, with its own private swimming pool and garden. Life’s luxuries include a marina, boardwalk and promenades, an infinity pool, health club, steam and sauna, gymnasium, a gourmet food court, 24 hours maintenance and security, ample parking space, concierge service, a guest lounge and meeting room for business gatherings, as well as a plentiful presence of retail outlets at ground level.

A sea facing location and ultra modern design will make Oceanscape the most sought after address in Abu Dhabi. Every Oceanscape townhouse will include a private swimming pool. The overall estate will provide a number of high-end amenities, including an infinity pool overlooking the mangroves and the ocean, a state of the art health club, Jacuzzis, steam rooms, saunas, relaxation and massage rooms, as well as a pharmacy, boutique shops, restaurants, cafes, and a children’s play room and AV centre.

All Oceanscape customers can relax in the care of round the clock security, maintenance and concierge services, ample parking space, smart elevators that determine the fastest access path to each floor, along with smart home technology and an electronic access system.

“Our ‘Double Debut’ in Abu Dhabi is a natural progression towards a prosperous future for DAMAC Properties, due to the substantially strong growth potential of the Abu Dhabi real estate market”, said Hussain Sajwani, Chairman of DAMAC Holding.

“Due to our strong faith in Abu Dhabi’s economic growth over many years, we have devised a long term plan for our real estate investments within the UAE capital city and promise to launch many more exciting projects, going forward”.

Mr. Sajwani added: “Our belief in Abu Dhabi’s potential stems from the government’s strong commitment towards developing its real estate industry substantially, as evidenced by its introduction of a number of highly ambitious master planned developments. Investors have reacted by expressing tremendous interest, while launching a number of spectacular projects“.

DAMAC Properties credentials are beyond question, as one of the Middle East’s most prominent private sector developers, with a project portfolio valued in excess of AED 10 Billion and a member of the DAMAC Holding Group which employs 5,000 people across 16 countries.

The property company was recently honored with three prestigious Bentley International Awards 2005, now in their 11th year, which have been described as the ‘Oscars’ of the property industry. The company received awards in the categories of Best UAE Development for Marina Terrace, Best Architecture for Ocean Heights and Best Developer Website (www.damacproperties.com) at a ceremony in London on the 4th of November 2005.

One of DAMAC Properties undeniable skills is the identification of not just prime sites but those that will meet the expectations of the combined demands of time and vision. Their variations in architectural design are renowned as a moveable feast and their attention detail is above reproach. Fundamentally, the combination of site and structure is always pleasing to the tutored eye.
 
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