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DAMAC Properties - overwhelming response for properties in Jumeirah lake Towers

Dubai, UAE, July 19th, 2008: DAMAC Properties – the luxury lifestyle provider and Middle East’s largest private sector master developer is witnessing an overwhelming response for properties in Jumeirah Lake Towers. Located in the heart of the city, DAMAC’s two properties - Lake Terrace and Lake View have yielded excellent responses from the customers and are sold out.

This customer response to DAMAC’s properties’ reiterates the developer’s commitment and focus on providing unique and exclusive properties to the customers coupled with excellent sales and after sales service.

Lake Terrace, a 40-storey tower with freehold waterfront luxury studio, duplex, 1, 2 and 3 bedroom apartments were handed over to customers last month. The investors are extremely delighted with the finished product and home-owners who have already moved in are all praises for the extensive recreational amenities, lawned areas, and beautiful views of picturesque man-made lakes on offer, bundled with the property.

Speaking to one of DAMAC Properties customer’s at the Lake Terrace project, Taha Al Harazy, a Lake Terrace resident, says “I recently moved to Dubai from Saudi Arabia and I have heard a lot about DAMAC Properties back home. DAMAC Properties is known as a leading luxury property developer in the region and it was on my list of the top three choices for investments. My apartment at Jumeirah Lake Towers is designed uniquely and has excellent colour schemes. Its central location, excellent leisure and entertainment facilities made it my obvious choice. I am looking forward to investing in more DAMAC Properties in the near future.”

Commenting on the response and the infrastructural development of Jumeirah Lake Towers, Peter Riddoch, CEO, DAMAC Properties said, “Customers are most important to us; and we are pleased that our customers are looking upon their purchases favourably. We recently handed over 572 units at Lake Terrace and are scheduled to deliver Lake View later this year. Our Lake Terrace project team worked meticulously to ensure the highest quality in interiors and overall development. We at DAMAC are pleased to have provided yet another set of customers with the luxury offerings that we are synonymous with.”

Commenting on their new buy, Claudia Schmidt and Jose Louis, other happy residents at Lake Terrace, say, “Rents in Dubai are increasing at an alarming rate and are expected to grow even further in the coming years. Considering this growing inflation, we decided to invest in our own house. With a good location, affordable price, world-class leisure and entertainment facilities, Jumeirah Lake Terrace was a natural choice for us. DAMAC Properties is well known and a strong developer in the region and I am keen for more investment in DAMAC Properties in the coming years.”

The upcoming Lake View Property by DAMAC Properties is the second, 40 storey residential property at Jumeirah Lake Towers. 527 Units of Lake View are scheduled to be delivered by the fourth quarter of this year.

Jumeirah Lake Towers by Dubai Multi Commodities Centre Authority is a massive mixed-use freehold development on Sheikh Zayed Road. The development consists of 87 towers grouped around 4 artificial lakes and covers an area of 1.35 million sq. ft. identified as one of Dubai’s most recognised addresses with investors being given opportunity to own and develop properties on freehold basis; the development has attracted leading developers across the region. The ideal location, excellent appreciation value on properties and close proximity to a number of community facilities, distinguishes the development from the rest.