Dubai-based developer set to focus on villas and properties up to 15 storeys going forward
Damac Properties chairman Hussain Sajwani has revealed the Dubai-based giant will be “avoiding” building tall towers in the future, with a concentration more on villas and developments up to a maximum of 15 stories.
Damac’s collection of high-rise properties includes the Paramount Tower Hotel and Residences Dubai; the 84-storey Damac Heights tower; three residential towers at Bellavista at Damac Hills; and Zada Residence in Dubai’s Business Bay, among many more.
However, in an interview with CNN’s Zain Asher, Sajwani said going forward the company is “avoiding now any tall towers”.
Damac Properties chairman Hussain Sajwani has revealed the Dubai-based giant will be “avoiding” building tall towers in the future, with a concentration more on villas and developments up to a maximum of 15 stories.
Damac’s collection of high-rise properties includes the Paramount Tower Hotel and Residences Dubai; the 84-storey Damac Heights tower; three residential towers at Bellavista at Damac Hills; and Zada Residence in Dubai’s Business Bay, among many more.
However, in an interview with CNN’s Zain Asher, Sajwani said going forward the company is “avoiding now any tall towers”.
“But still people have to live, and people have to have a house and people have to have an apartment – and that will not change fundamentally.”
Damac reported a second quarter net loss of AED280.6 million ($76m), down from the AED50m ($13m) profit it reported in the same quarter last year.
Damac said profit “was adversely impacted due to prevalent market conditions and resultant provisions”. Revenues for Q2 were AED1.1 billion, an increase of 17 percent on the previous year.
