Property in Dubai
Jumeirah Village projects well on-track
Leading Dubai-based private developer, Damac Properties, has confirmed that work on all three projects at the Jumeirah Village South – Emirates Gardens II, Emirates Gardens and Tuscan Residences are progressing well and will soon be ready.
The CEO of Damac Properties, Peter Riddoch, said that at a time when investor confidence in the ability of developers is falling, Damac is working hard to promote the importance of continued construction and delivery.
According to real estate analyst, Blair Hagkull, there are two major issues rocking the property sector currently – investor sentiment and liquidity. During such a time the prominence is more towards project completion. The investors are looking at completed projects that can bring about rental income.
The Senior Vice President – Corporate Communications, Damac Properties, Nial McLoughlin, when speaking to Gulf News, said that the company has so far delivered 2300 units, and plans to deliver 7300 units towards end of 2010. Out of these units, about 1600 units constitute the three projects at Jumeirah Village.
The first phase of Emirates Gardens will be handed over this summer and the entire project will be completed towards the end of this year. The Tuscan Residences too will be completed during the same period, McLoughlin confirmed.
Posted on 22/5/2009