Dubai developer in canary wharf move

By admin on January 17, 2008 12:00 AM

A DUBAI-based property developer is set to open new offices at Canary Wharf.
DAMAC Properties, which specialises in providing luxury lifestyle properties in the UAE state, will base its UK and Ireland headquarters at Bank Street.
The company will also open offices in Leicester and Dublin next month as it looks to attract more UK buyers for projects such as DAMAC Heights, an imposing 90-storey tower in Dubai Marina.

Hussain Sajwani, chairman of DAMAC Holding, said: "Our new offices will complement DAMAC's existing successful presence in the UK. We have experienced a remarkable period of growth in 2007 and we look forward to further success in 2008."
Peter Riddoch, chief executive of DAMAC Properties, believes problems in the UK's buy-to-let market will mean investors will look further afield for opportunities.
"UK investors remain confident about international property markets and are keen to purchase abroad during 2008," he said. "The robustness of the market is partially being driven by the diversity of British buyers from second home owners to those relocating for retirement.
"There is a huge variety of buyers in terms of age, financial circumstances and motivation for buying. This is the key driver behind the constant supply of purchasers.
"The new offices reflect our commitment to our clients' needs and also supports our pledge to investing in the communities in which we operate worldwide."
Prices at DAMAC Heights start from £254,000 for a one-bedroom apartment. The development, designed by Aedas, includes health clubs, swimming pools, a gym, nursery and day care facilities, a golf simulator, games room and banquet area.
In addition, the owners of the penthouse and duplex apartments will have access to a luxury yacht maintained by DAMAC Properties,a private cinema, personal gym, indoor swimming pool, jet spa and sauna.
DAMAC has announced plans to increase the number of properties it builds each year from 3,000 to 9,000 by 2010.
Mr Riddoch said: "The construction and real estate industries will continue to dominate in Dubai, as land and labour supplies remain good and demand for both commercial and residential space high.
"DAMAC Properties has contributed significantly towards Dubai's current stronghold and will continue to develop some of the city's most innovative and exciting buildings in the coming years."
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