DAMAC Properties has announced the start of construction work on its AED 508 million residential development DAMAC Heights at Dubai Marina.
The project’s main construction contractor Arabtec is now on site following the completion of enabling works by Zetas Foundation Technology.
DAMAC Heights will comprise one, two and three-bedroom apartments, as well as duplexes and penthouses.
“To impress in Dubai these days, developers are aware they need to go to the next level. It’s not enough to build a nice apartment building in a mediocre location. You have to build a phenomenal building, in a prestigious location with every conceivable modern convenience included. That’s what we are aiming to achieve with DAMAC Heights,” said Niall Mc Loughlin, senior vice president of DAMAC Properties.
DAMAC Heights will represent the second partnership between Arabtec and DAMAC Properties at Dubai Marina, following the completion of the 84-storey residential tower Ocean Heights.
“I have no doubt that DAMAC Heights will surpass even Ocean Heights to become the premier residential development along the ocean-facing stretch of Dubai Marina,” said Riad Kamal, chief executive of Arabtec Holding.
Mc Loughlin added: “There is a lot of speculation about falling property prices in Dubai, but that’s not the exactly the whole story. In reality there is a two tiered market emerging and demand is actually rising for high quality properties in premium locations such as the Marina.”