DAMAC Properties, one of the largest luxury developers in the Middle East, has announced its iconic DAMAC Tower in the prime area of Solidere, Beirut has been topped off, just days after the city was named the number one emerging city in the world for real estate investment.
The US$300 million premium project is an innovative collaboration between DAMAC Properties and VERSACE Home which will deliver an entire Versace lifestyle to discerning residents through a high-end building with bespoke Versace Home interior design packages throughout.
The key construction milestone was hit as research reported by CNN suggested Beirut was the most important ‘rising city worldwide, with the potential to show extra strong residential property price growth.’
The report, ‘The Global Prime Sector and Beyond’, commissioned by Candy & Candy, and produced by Savilles in partnership with Deutsche Asset Management, went on to say that ‘real estate in the city looks very cheap by international standards with considerable growth potential.’
“As a Lebanese national, I have always been a huge believer in the growth potential of the sector in Beriut and it is great to see that recognized in the international markets,” said Ziad El Chaar, Managing Director, DAMAC Properties. “DAMAC Tower is right at the heart of Solidere – one of the most sought after and desirable locations in the city. Now that the project is topped off, we can get to work in earnest on the stunning Versace interior designs. We areat very exciting stage of the development.”
The facade work has already reached the 4th floor, while interior design work is currently ongoing in the first 5 floors.
DAMAC Tower was introduced as the first exclusive Versace Home branded residential tower in the region. Situated in the elite hotels and marina area in Solidere, DAMAC Tower has extensive views of the Mediterranean.
The flowing curves and volumes of the 28-storey building are designed to emulate the surging waves of the ocean. DAMAC Tower will feature spacious private units resplendent with custom designed interiors, by the famous Italian fashion house. All the common areas including the health and fitness facilities, the concierge reception and the main lobby will feature VERSACE HOME products.
Speaking about the collaboration, El Chaar added: “DAMAC Tower promises to bring to Beirut a never-seen-before top-end designer lifestyle and appeal to a clientele who know what they like and why they like it. They are stylish, with a passion for the dazzling and eye-catching.”
DAMAC Tower won a prominent Bloomberg International Property Award in 2010 which is one of the highest accolades awarded in the property sector, globally.
DAMAC Tower won the global award for “Best Interior Design” in recognition of its landmark collaboration with VERSACE Home.
The shared vision of the two companies has combined to deliver the mostprestigious and sought-after property in Beirut, and now that DAMAC Tower has been recognised as being one of the most outstanding developments in the world, interest in this project is likely to come from much further afield.
The Candy & Candy report also referenced DAMAC Properties home of Dubai. It said that ‘growth in Dubai over the last year has been phenomenal – its importance in the Middle East region and its high profile has enabled it to now fully enter the league of high-performing world cities.
Established in 2002, DAMAC has delivered almost 10,000 units to date and currently has a development portfolio of over 25,000 units at various stages of progress and planning as of March 31st 2014.