Damac Properties will hand over more than 2,300 units by end of 2008, which will include delivery of 572 units in the Lake Terrace project at Jumeirah Lake Towers. The company will also deliver 527 units in Lake View tower at Jumeirah Lake Towers, 192 units in Executive Heights project at Tecom, 198 units in Tera Del Sol 1&2 and 848 units of The Crescent in International Media Production Zone by the year-end. In 2009/10, it will deliver a further 7,100 units.
"There are more than 2,100 projects either planned or under way in the Gulf and more than 23 per cent of these projects are located in Dubai. The property boom in the region, especially Dubai, has exceeded the region's capabilities to develop these projects on time. The region has been facing a steep challenge on delivery of projects due to shortage of contractors and the rising costs of construction material," said Hussain Sajwani, Chairman, Damac Holding.
"The delivery of our Lake Terrace project is a step towards our commitment and focus on completion of projects. At Damac, we are determined to do all we can to ensure our customers get their homes as quickly as possible," said Sajwani.