DAMAC Properties, the largest private developer in the Middle East, has completed the raft foundation for its iconic ‘DAMAC Tower’ in Beirut, Lebanon.
The main contractors MAN Enterprises s.a.l have now finished the foundation works and the pouring of the raft is a significant development in the construction process. Pouring the raft involved laying 500 tons of steel and 4200.00 cubic meters of concrete. “The sheer volumes of raw materials used are staggering. 500 tons of steel is the equivalent of more than 480 motor vehicles” El Chaar added.
“This is a major milestone in the construction of DAMAC Tower. The foundations are crucial for the super-structure, but they take time to complete. Work will now really begin to accelerate and customers will see an advanced level of construction from this point forward” said Ziad El Chaar, Managing Director, DAMAC Properties.
The US$300 million premium project, an innovative collaboration between DAMAC Properties and VERSACE HOME, will deliver the entire VERSACE lifestyle concept to discerning residents through a high-end building with bespoke VERSACE HOME interior design packages throughout.
DAMAC Tower was 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 were designed to emulate the surging waves of the ocean.
DAMAC Tower will feature spacious private units resplendent with custom designed interiors. 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, the world-renowned Italian fashion house synonymous with glamour and luxury, defined the interiors of DAMAC Tower. The shared vision of the two companies has combined to deliver the most prestigious and sought-after property in Beirut.
Speaking about the collaboration, El Chaar said. “DAMAC Tower promises to bring to Beirut a never-seen-before top-end designer lifestyle and appeal to a group of customers who know what they like and why they like it. They are discerning and stylish but with a passion for the dazzling and eye-catching.”
When asked why did DAMAC Properties choose 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 about 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 eventually return home. Lebanese expatriates who’ve been working in the 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’’.
A recent report by international financial institution Standard Chartered supports the claims. The report indicated that property demand in Beirut remains strong and Lebanon’s economy will expand this year, 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.
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 a field.