DAMAC to build first commercial tower in Doha

Dubai-based DAMAC Properties, a part of DAMAC Holdings, has announced the launch of its first commercial tower in Qatar.

The QR350m 'Business Square', will be located in the southern end of Lusail within the Marina District. Space in the property is priced at QR2, 500 per square foot. At the launch on Sunday night, a special offer was announced for that day allowing interested parties to avail a 10 percent discount on a full floor, 7.5 percent off on half floors and a five percent rebate on individual units.

'Business Square' is 20-storey high and is spread over an area of 39,000 square meters. Speaking at the launch held at the Four Seasons Hotel, Peter Riddoch, DAMAC Properties CEO, said: "This is our first commercial icon in Doha and is a step forward by us to strengthen our presence and showcase our commitment to the Qatari market."

'Business Square' will provide multi-level parking and round-the-clock security along with high-speed Internet, swipe access, a business lounge and reception area, all of which will all be incorporated into the office environment. Leisure facilities will be easily accessible from the tower, which will offer a health club, gym and multi-function room to make the work environment more relaxing. Cafes, restaurants, boutiques and other retail outlets will complement the community.

In April, DAMAC Properties had released details of two residential projects, 'Garden Heights', which is a luxury residential high-rise and 'The Terrace at Fox Hills'. Both properties are located in Lusail. Riddoch said sales have been brisk with both the developments.

DAMAC Properties is a major player in the regional real estate market with developments in seven countries spread across 670m square feet, worth in excess of $45bn. Set up in 1995, DAMAC will deliver 2,300 units this year and a further 7,100 by 2010.

Sourced From: Corporate Voice|Weber Shandwick