01 March 2012

LUXURY developer Damac Properties has topped out its 21-storey mixed-use residential project located at the Business Bay on the waterfront opposite the Burj Khalifa in Dubai.

The construction milestone represents a significant turning point in the delivery schedule of The Residences at Business Central, with work now beginning on the external cladding and interior fit-out.

“The Residences at Business Central will be a stunning executive residence once completed. It has all the hallmarks of a premium property investment, with excellent facilities, quality finishes and a superb location on the waterfront, opposite the Burj Khalifa,” said Niall Mc Loughlin, senior vice-president of Damac Properties.

Damac Properties remains strategically focused on Business Bay, with construction advancing at a rate of 14 floors a month across the company’s seven active construction sites.

“The mid- to long-term outlook for real estate in Business Bay is extremely promising. The proximity to the world’s tallest building and the world’s biggest shopping mall makes property in Business Bay a highly lucrative prospect for future growth,” commented Mc Loughlin.

Business Bay is gaining momentum as one of Dubai’s most sought-after locations. Damac Properties has completed two premium office towers in the development, including the XL Tower and Business Tower. The main contractor for both projects was Hong Kong-based CSHK.

Three main contractors are involved in Damac Properties projects that are under construction in Business Bay. Sun Engineering is the main contractor for Executive Bay and Capital Bay, Modern Building Construction Company is developing 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.

With 36 buildings, including 7,374 units completed to date, Damac Properties continues to be a major contributor to Dubai’s real estate revival.

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