/24-7PressRelease/ - AMMAN, JORDAN, February 23, 2007 - Luxury lifestyle provider and the region's leading private sector developer, DAMAC Properties, has launched 'La Residence 2' at 'The Lotus', Dubai's iconic Business Bay development. This project is DAMAC's second residential tower at this location, and follows the overwhelming success of its first tower 'La Residence', 83% of which has already been sold out since its launch in November, last year.
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.
Unveiling details about the second tower in Business Bay, Hussain Sajwani, Chairman, DAMAC Group, said: "Close on the heels of the impressive success of our first tower, which is almost sold out within two months of its launch, we are delighted to introduce yet another masterpiece for the discerning community in the Middle East and worldwide. 'La Residence 2 at the Lotus' offers everything that one seeks - from state-of-the-art facilities to the bliss and beauty of nature."
"The development of these towers at Business Bay is a strategic decision and a unique and accessible opportunity, given the fact that the majority of projects within the development are commercial. With 'La Residence' and 'La Residence 2', we offer a pioneering, premier residential complex within the heart of Business Bay." said Peter Riddoch, CEO at DAMAC Properties.
The impressive architectural design of the spectacular 64-storey 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," added Mr. Riddoch.
'La Residence 2' at The Lotus will have 1, 2 and 3 bedroom apartments and penthouses, with each master bedroom having an exclusive 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.
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 caf s, juice bars and restaurants with outdoor settings. The 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.
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$4 billion. It is a subsidiary of the DAMAC Holding established in 1982.
DAMAC Properties has already launched three out of its four real-estate projects in Amman's city center. These projects were launched within the Abdali Development Project. One of DAMAC's projects, known as "The Heights", is a 35 story tower located within the bounds of the Abdali Development Project area. The other project, "The Lofts", is an 8 story residential project located next to "The Heights" towers. DAMAC's third project, "The Courtyard", is a more recent development from the firm launched last month.
DAMAC also launched a US$ 3.5 billion multi purpose real-estate projects in the Republic of China, This project was launched at the Trumped bay within Tianjin City of the Tanggu district From another angle, the firm also established an active presence for itself in Qatar. Its Piazza project in Doha, Qatar comprises 14 buildings all developed with a Mediterranean theme in the Lusail development's Fox Hills community valued at US$ 400 million.
Based on its notable achievements within the real-estate arena, DAMAC Properties, also won three prestigious awards at the Arabian Property Awards 2006. During this event the property developer bagged the best development award for its 'Oceanscape' project, best architecture award for its 'Ocean Heights 2' project and the best website award for the company's website - http://www.damacproperties.com. In the year 2005 DAMAC also received the prestigious Bentley International Awards in the categories of Best UAE Development for Marina Terrace, Best Architecture for Ocean Heights and Best Developer Website http://www.damacproperties.com
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.
TRACCS Jordan
Maha Al Rawashdeh
Tel: (+962) 6 5924114
Fax: (+962) 6 5924334
Email: jordan@traccs.net
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