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Luxury lifestyle provider, DAMAC Properties has announced that it has commenced the handover process at Terra Del Sol, the company’s project at Discovery Gardens. Two buildings comprising of 99 units each, Terra Del Sol 1 and 2 are part of the massive Discovery Gardens project that is spread across a 26 million square foot plot. Discovery Gardens consists of six themed communities inspired by garden living, and includes Zen, Mediterranean, Contemporary, Mogul, Mesoamerican and Cactus courtyard gardens. Terra Del Sol is part of the Mediterranean community. In addition to 198 units in Terra Del Sol the company is gearing up to handover another 7100 units by 2009/2010.
Sharing his views on the industry and DAMAC’s focus on delivery of projects, Peter Riddoch, Chief Executive Officer of DAMAC Properties, said, “We have seen a slight correction in the market and it’s interesting to note that as per published reports the real-estate industry in Dubai grew by 5 percent in third quarter 2008 even during the global slowdown. Another key indicator is that rents have not come down whether it is residential or commercial – which means that demand, still exceeds supply”.
”The delivery of Terra Del Sol to customers is a step towards our commitment and continued focus on completion of projects. We are determined to ensure that we go all the way to get our customers their homes as early as possible. We are working closely with all our contractors and providing them the necessary support mechanism towards timely completion of projects”.
He added: “We would like to congratulate the owners of the Terra Del Sol on the possession of their new homes. 2008 has also been the ‘Year of Construction’ at DAMAC Properties, where we have aggressively focused on construction and contract delivery to trusted and quality contractors. Contracts worth AED2.5billion have been awarded in the first nine months of 2008 and we have also posted profits to the tune of over AED500 million during the same period”.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
