DAMAC Launches its First Residential Tower in Business Bay

Nov. 28, 2006 – Amman, Jordan-(November 2006)-: Luxury lifestyle provider and the region’s leading private sector developer, DAMAC Properties, has launched ‘La Residence at the Lotus’, the company’s first residential tower in Business Bay. Often referred to as the upcoming Manhattan of the Middle East, Business Bay is Dubai’s freehold commercial and business cluster strategically located off Dubai Creek and extending all the way to Sheikh Zayed Road.

“We are delighted to introduce yet another masterpiece for the discerning community in the Middle-East and worldwide. The beauty of the island inspired DAMAC Properties to pioneer a residential complex at the heart of Business Bay. This residential tower at Business Bay was a strategic decision and a much needed project as majority of them in the area are commercial. With this launch people staying at La Residence will be – just a walk away from their offices in Business Bay,” said Hussain Sajwani, Chairman, DAMAC Group.

The architectural design of the spectacular 58-storeyed tower is motivated by petals of the Lotus flower. “Our inspiration for this project comes from the spectacular surroundings untouched by the stressful buzz of business life, the site location, the enveloping water body and one of the most celebrated flowers in the world, the lotus,” said Peter Riddoch, CEO at DAMAC Properties.

La Residence at the Lotus will have 1, 2 and 3 bedroom apartments, with each master bedroom having a private spa-bath, thoughtfully planned space and utilities, tastefully chosen furniture and joinery and elegantly designed interiors. In addition, the tower will have parking at 3 levels of the podium plus 5 basements, valet parking, laundry service, mail collection and delivery, security, state-of-the-art IT facilities, room service, 24 hour concierge and help desk facilities.

In line with the government’s introduction of freehold ownership, DAMAC was the first to introduce iconic properties on all the freehold master planned development launched by Dubai and Abu Dhabi governments. Throughout the spectrum of 52 buildings launched to date, DAMAC Properties provides a luxury lifestyle that is second to none. The total value of DAMAC Properties’ projects is over US$4 Billion. It is a subsidiary of the DAMAC Holding established in 1982.

The La Residence tower also offers the perfect choice of amenities such as; swimming pool, kids’ pool, jogging track, gymnasium, with separate male and female changing rooms, function rooms, health club, sauna, steam and massage facilities and children’s play area. The project is a distinctive lifestyle expression that offers unparalleled opportunities such as shopping at the varied choice of branded stores, unwinding over a cup of coffee or meeting up with friends and family over dinner. The tower has retail stores at the ground and mezzanine levels in addition to cafés, juice bars and restaurants with outdoor settings.

In downtown Amman, Jordan, within the new Abdali development area, DAMAC Properties has already introduced three projects out of four. The first two projects, ‘The Heights’, a 35-storey tower, and ‘The Lofts’ an 8-storey residential development adjacent to the tower were completely sold out in record time. The third project called ‘The Courtyard’ was unveiled this month.

The company also launched a $3.5 billion exquisite mixed-use project within Trumpet Bay region located in the Tanggu District, Tianjin, People’s Republic of China, as well as a $400 Million 14-building spectacular real estate venture within Lusail’s Fox Hills community in Doha.

Luxury lifestyle provider and the region’s leading private sector developer, DAMAC Properties, won three prestigious awards at the CNBC Arabian Property Awards 2006. Property developer bagged the best development award for ‘Oceanscape’, best architecture award for ‘Ocean Heights 2’ and the best website award for the company’s website – www.damacproperties.com. In 2005, the property company was honored with three prestigious Bentley International Awards in the categories of – Best UAE Development for Marina Terrace, Best Architecture for Ocean Heights-1 and Best Developer website at a ceremony in London.

DAMAC Holding has now grown into a global conglomerate with more than 6000 employees in 18 countries. Being the first private sector company to make a commitment to Dubai’s real estate market, DAMAC Properties has become the market leader with a strong sales record to its credit.

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