View of the latest progress at DAMAC Tower in Lebanon
DAMAC Properties, the largest luxury private developer in the Middle East, has completed the third floor slab cast and work is well underway on the fourth for its iconic ‘DAMAC Tower’ in Solidiere, Beirut, Lebanon.
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.
DAMAC Tower launched as the first exclusive VERSACE HOME branded residential tower in the region. Situated in the elite marina area of the new Solidere development in Beirut, 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.
“DAMAC Properties’ partnership with VERSACE, a company so synonymous with glamour and luxury, offers resplendent luxury for discerning Lebanese residents. The shared vision of the two companies has combined to deliver the most prestigious and sought-after property in Beirut,” said Ziad Al Chaar, Managing Director, DAMAC Properties.
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.”
When asked why DAMAC Properties chose VERSACE HOME to collaborate on this project, he said: “Globally recognized brands like VERSACE HOME and DAMAC Properties lend a confidence to investors considering investing in the property market in Lebanon. This collaboration will be viewed by international investors as a strong endorsement in the future viability and growth of the Lebanese property market.”
Commenting on the real estate sector in Lebanon, El Chaar said: “Lebanon’s economy is forecast to expand around 3.5 per cent this year, according to the International Monetary Fund, making it one of the fastest growing economies in the region. The expanding economy is fuelling population growth, which is currently outpacing the supply of available quality accommodation. There is also strong demand for property from Lebanese expatriates who have been working away and want to secure a property to live in when they return home. Lebanese expatriates who’ve been working in GCC countries, for example, have accumulated sizable savings and have the desire and the means to afford an apartment in one of Lebanon’s new luxury developments.”
DAMAC Tower won the prestigious Bloomberg International Property Award in 2010, which is one of the highest accolades awarded in the property sector. DAMAC Tower won the global award for ‘Best High Rise Architecture. This international accolade recognises DAMAC Tower on the global stage and distinguishes the project as one of the most highly regarded residential developments in the world.
The shared vision of the two companies has combined to deliver the most prestigious 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.