DAMAC Properties launches its latest real estate venture in world acclaimed Beirut City Centre
Company announces its first project outside the UAE
Luxury lifestyle provider, DAMAC properties, announces today the launch of its first real estate venture outside the UAE in Lebanon’s world acclaimed Beirut City Centre. DAMAC recently purchased a piece of land from Solidere, the company entrusted with the city centre’s post-war rejuvenation. The project, including the price of the land is valued at $120 Million.
The property company has initiated an international architectural competition by architects from North America, Europe and the Far East and looks forward to presenting its iconic conceptual design to Solidere in the near future.
The company’s real estate residential endeavor will be located at the prime intersection of Fakhreddin and Omar Daouk Streets at the heart of Lebanon’s capital and encompasses 27 stories, including 70 two and three bedroom apartments with state of the art marble and ceramic finishing, ample parking space, a swimming pool, gym, valet parking, as well as 24 hours maintenance and security. Apartments on every level will provide stunning views on the Mediterranean Sea.
“We are delighted to invest in a real estate endeavor within Lebanon’s stunning Beirut City Center, and area that is renowned for its fabulous architecture, its 5000 years of history, and its prime location within the Lebanese capital”, said Hussain Sajwani, DAMAC Holding Chairman.
He added: “DAMAC’s new project will undoubtedly live up to the company’s reputation of delivering truly spectacular residential towers. The exquisite development will, without a doubt, stand out within the Beirut City Center skyline.”
The company was recently honored with three prestigious Bentley International Awards 2005 in the categories of Best UAE Development for Marina Terrace, Best Architecture for Ocean Heights and Best Developer Website (
www.damacproperties.com) at a ceremony in London on 4 November 2005.
DAMAC Properties was the first to introduce residential projects on every master planned development introduced by the Dubai Government, including the Palm Islands in Jumeirah and Jebel Ali, Dubai Marina, Dubai International Financial Centre (DIFC), Jumeirah Lake Towers, Discovery Gardens, and the International Media Production Zone.
The total value of DAMAC Properties’ projects is over AED 10 Billion. It is a subsidiary of DAMAC Holding, an accredited ISO 9002 company that has grown into a global conglomerate with more than 5000 employees in 16 countries. Being the first private developer to make a commitment to Dubai’s real estate market, DAMAC properties has become a market leader with a strong sales record to its credit.