DAMAC Properties Hits Construction Milestone In Solidiere

DAMAC Properties, the largest luxury private developer in the Middle East, has completed the third floor slab cast and work is well underway on the fourth for its iconic ‘DAMAC Tower’ in Solidiere, Beirut, Lebanon.

The US$ 300 million premium project is an innovative collaboration between DAMAC Properties and VERSACE HOME which will deliver an entire VERSACE lifestyle to discerning residents through a high-end building with bespoke VERSACE HOME interior design packages throughout.

DAMAC Tower launched as the first exclusive VERSACE HOME branded residential tower in the region. Situated in the elite marina area of the new Solidere development in Beirut, DAMAC Tower has extensive views of the Mediterranean. The flowing curves and volumes of the 28-storey building are designed to emulate the surging waves of the ocean.

DAMAC Tower will feature spacious private units resplendent with custom designed interiors, by the famous Italian fashion house. All the common areas including the health and fitness facilities, the concierge reception and the main lobby will feature VERSACE HOME products.

“DAMAC Properties’ partnership with VERSACE, a company so synonymous with glamour and luxury, offers resplendent luxury for discerning Lebanese residents. The shared vision of the two companies has combined to deliver the most prestigious and sought-after property in Beirut,” said Ziad Al Chaar, Managing Director, DAMAC Properties.

Speaking about the collaboration, El Chaar added: “DAMAC Tower promises to bring to Beirut a never-seen-before top-end designer lifestyle and appeal to a clientele who know what they like and why they like it. They are stylish, with a passion for the dazzling and eye-catching.”

When asked why DAMAC Properties chose VERSACE HOME to collaborate on this project, he said: “Globally recognized brands like VERSACE HOME and DAMAC Properties lend a confidence to investors considering investing in the property market in Lebanon. This collaboration will be viewed by international investors as a strong endorsement in the future viability and growth of the Lebanese property market.”

Commenting on the real estate sector in Lebanon, El Chaar said: “Lebanon’s economy is forecast to expand around 3.5 per cent this year, according to the International Monetary Fund, making it one of the fastest growing economies in the region. The expanding economy is fuelling population growth, which is currently outpacing the supply of available quality accommodation. There is also strong demand for property from Lebanese expatriates who have been working away and want to secure a property to live in when they return home. Lebanese expatriates who’ve been working in GCC countries, for example, have accumulated sizable savings and have the desire and the means to afford an apartment in one of Lebanon’s new luxury developments.”

DAMAC Tower won the prestigious Bloomberg International Property Award in 2010, which is one of the highest accolades awarded in the property sector. DAMAC Tower won the global award for ‘Best High Rise Architecture. This international accolade recognises DAMAC Tower on the global stage and distinguishes the project as one of the most highly regarded residential developments in the world.

The shared vision of the two companies has combined to deliver the most prestigious and sought-after property in Beirut, and now that DAMAC Tower has been recognised as being one of the most outstanding developments in the world, interest in this project is likely to come from much further afield.

Further information is available at www.damacproperties.com

DAMAC Properties was established in 2002, as a private residential, leisure and commercial developer in Dubai and the Middle East. In the past decade, DAMAC Properties has expanded rapidly into Iraq, Jordan, Lebanon, Qatar, Saudi Arabia and North Africa.

DAMAC Properties has completed 8,887 units to date spanning 9.1 million sq. ft. it also has a further 23,788 units at various stages of progress and planning across the Middle East region covering 28.6 million sq. ft.

In October 2011, DAMAC Properties launched its hospitality division, DAMAC Maison, which will provide bespoke services to residents in 7,351 serviced hotel apartments by the end of 2016.

In June 2010, DAMAC Properties further reinforced its position as the region’s premium developer with the launch of ‘DAMAC Tower’ in Beirut, Lebanon. A 28- storey iconic tower, this project is in association with Italian design group, VERSACE, with all interiors being designed by Versace Home. This was followed by the DAMAC Residences with Interiors by Versace Home, launched in Jeddah, Saudi Arabia in June 2011.

Extending its collaborations with luxury Italian fashion houses, DAMAC Properties is developing luxury serviced hotel apartments in ‘DAMAC Esclusiva’ in Riyadh and private apartments in ‘DAMAC Residenze’ in the Platinum real estate strip in Dubai Marina, with interior designs by FENDI Casa.

As a global leader in branded real estate, the company is developing a US$1 billion hotel and luxury serviced residences in the Burj Khalifa area of Dubai, called ‘DAMAC Towers by Paramount’, which will comprise the first Paramount Hotel & Residences in the region and DAMAC Maison serviced units – Paramount co-branded serviced hotel residences.

In May 2013, DAMAC Properties announced it is developing an 18-hole PGA Championship Golf Course, named Trump International Golf Club, Dubai at the heart of the 28 million square foot ‘Akoya by DAMAC’ master plan development off Umm Sequim Road in Dubai, which will include mansions, villas and luxurious apartment units.

The company’s projects are located in, or create, the most desirable and exclusive locations and are built to the highest quality specification that has become synonymous with the group. DAMAC Properties’ develop projects that include residential, commercial and leisure facilities that create an integrated community.

In addition to support services provided by the Dubai headquarters, the company’s comprehensive Customer Care Program provides solutions through its vast network with offices in the UAE, UK, Jordan, Iraq, Lebanon, Egypt, KSA and Qatar.

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