Kippreport investigates if oil prices aren’t the only cause for the market slumpAugust 27, 2015 12:00
DAMAC properties’ cementing foundations at Business Bay
DAMAC Properties is making impressive progress at Business Bay.
November 26, 2010 9:22 by Rasha Reslan
Luxury developer DAMAC Properties is getting down to business at Business Bay, casting slabs for almost 50% of its projects in a single week.
DAMAC Properties cast basement slabs at four of its nine projects currently under construction in Business Bay, (The Corner, Executive Bay, Capital Bay and Park Central.) “Once the slabs have been cast, construction tends to speed up quite significantly” said Niall Mc Loughlin, Vice President of DAMAC Properties. “Once we reach the first floor it should be a floor a week from there onwards, that’s the general rule of thumb” he added.
DAMAC Properties is making impressive progress at Business Bay, with two office towers, Business Tower and XL Tower soon to be handed over, and piling works completed at three other projects, Commercial Square, Water’s Edge and Business Central.
Four main contractors are building DAMAC Properties’ nine projects currently under construction in Business Bay. Sun Engineering is the main contractor for Executive Bay and Capital Bay, Modern Building Construction Company is building Commercial Square, Water’s Edge and Business Central, while Drake and Scull subsidiary, Gulf Technical Construction Company is the main contractor for Park Central and The Corner.
“DAMAC Properties has demonstrated the construction efficiencies from having the same main contractor build more than one project within close proximity. XL Tower and Business Tower were built simultaneously by CSHK, which accelerated the build time” said Mc Loughlin.
Business Bay will form the new commercial heart of Dubai, with stylish offices, executive residential apartments and some of the city’s best amenities and transport links.
Commenting on DAMAC Properties’ significant footprint in Business Bay, Niall Mc Loughlin said “It is a testament to foresight and strategic planning that DAMAC Properties will be in a position to offer customers a range of properties and options through our portfolio at Business Bay.”
Dubai remains the most favoured location in the Middle East for multinational corporations to establish their regional headquarters. According to research by CB Richard Ellis, more than 30 percent of senior managers in the GCC, prefer Dubai for their head office, over all other cities in the region. “Dubai is well established as a regional trade and financial hub, and it has the infrastructure to support future development and growth. Other cities in the GCC are still a long way behind Dubai in providing the high standard of infrastructure required to sustain multinational corporations.” said Mc Loughlin.
Business Tower and XL Tower are two of eight Dubai based projects that DAMAC Properties will hand over to customers by mid 2011. Included is the delivery of DAMAC Properties’ signature Ocean Heights development at Dubai Marina and Park Towers at the DIFC.
DAMAC Properties has a proven track record of designing and developing world-class luxury projects across the Middle East, North Africa and the Levant. The name ‘DAMAC’ has become synonymous with superior quality and luxury lifestyle living. DAMAC Properties’ commitment to completing its projects in Business Bay further cements the developer’s position as one of the most highly regarded property developers in the region.