DAMAC Properties, the largest private sector master developer and luxury lifestyle provider, today announced that more than 90% of the Phase I of ‘The Piazza’ has already been sold. The Piazza, DAMAC’s first and the only residential project coming up in Lusail, Qatar, is in close proximity to Ritz Carlton, Doha.
DAMAC Properties also announced the launch of Phase II of the development. DAMAC Properties is the first company to undertake real estate projects in Lusail and the total value of The Piazza project is estimated at QR 1 billion. An exhilarating and healthy ambience to live, work, shop and relax, The Piazza is exquisitely designed and is spread across a total of 10.7 acres of land, forming a major landmark in the Qatari capital.
Commenting on the success of DAMAC’s debut project in Qatar, Hussain Sajwani, Chairman, DAMAC Holding, said: “By 2012, DAMAC Properties aims to be the most admired luxury property services company in the world. Qatar is an integral component of our expansion strategy and also part of the company’s global vision. The Piazza is our first luxurious offering for the people of Qatar and we are extremely delighted to see that our property has been well accepted by the community and has gained considerable importance.”
Peter Riddoch, CEO, DAMAC Properties, said: “The project’s prime location and its vast array of facilities make it a good buy for investors and home owners. The launch of Phase II follows the consistently strong demand for residential units in the region. The apartments start at QR 438,000 and the project is expected to be ready by the end of 2010.”
The development features 14 buildings of 4-levels each to be developed on a Mediterranean theme. The buildings are surrounded by marinas, island resorts, commercial districts, luxury shopping and leisure facilities, including golf courses and an entertainment district.
