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Damac to hand over six projects

Dubai-based property developer Damac Properties said it will deliver more than six projects to customers this year, comprising more than 3,000 units worth Dh4 billion.

The news comes at a time when scores of projects have either been postponed or cancelled.

Among those to be handed over are two phases of the company’s Emirates Gardens development and Tuscan Residences at Jum-eirah Village South, Lago Vista at IMPZ, XL Tower and Business Tower at Business Bay and Smart Heights at Tecom.

Delivery of these properties will commence as soon as March 2010 starting with the first phase of Emirates Gardens and will continue regularly throughout the year, culminating in the completion of the company’s flagship development Ocean Heights at Dubai Marina in the last quarter of the year.

The projects offer a mix of residential and commercial units totalling more than 3,000.

Chairman of Damac Properties Hussain Sajwani said that 2010 would be a significant year for the company as it builds on its reputation as a private developer that is able to demonstrate both progress and delivery.

Damac Properties expects to announce new contracts for projects in the spring and these will then form the basis of the targets and focus for the next 12 months.

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