Plots of land are in close proximity to multi-billion dollar Dubai Canal project
Damac Properties, the Dubai-based real estate developer has purchased plots of land worth AED1.26bn ($343.1m) to further beef up its land bank in the emirate.
The plots are located on the eastern and western sides of Sheikh Zayed road at the Safa Park intersection, close to multi-billion dollar Dubai Canal project, it said in a statement to Dubai Financial Market.
The purchase done through its subsidiary Damac Properties Development Company, will add about four million square feet to Damacs existing land holdings in Dubai. The plots are bought on five yearly deferred payments basis, with the last payment scheduled in March 2020.
These acquisitions are in line with the companys long-term strategy of maintaining a five-year land bank and replenishing it with land in prime Dubai locations to ensure a sustainable pipeline of future developments, Damac said in the statement, adding that further announcements on these plots will be made in due course.