Dubai-based real estate developer Damac Properties has teamed up with Italian fashion house Fendi for two projects in Riyadh and Dubai as the region’s property market, led by Dubai, shows further signs of improvement.
The details come as the region’s real estate market shows signs of renewed growth. “Real estate in the region is beginning a period of steady growth, and now is the time to launch new projects,” says Hussain Sajwani, chairman, Damac Properties. “We were a peak market in 2008. Then the market fell off a cliff. Four years on, Dubai is coming back strongly.”
Damac says that the projects in Riyadh and Dubai will be developed using designs from Fendi.
In Riyadh, Fendi will provide designs for the Damac Esclusiva development. The 150-metre tall tower is being built on King Fahad road facing Kingdom Tower and will have 100 serviced apartments. The foundations for the project have been completed by the local Al-Hashem and construction on the tower’s superstructure is expected to start soon.
Damac Properties’ managing director Ziad el-Chaar says that the construction of the building will be split into packages and an award for the superstructure works is close to being finalised.
The architect for the tower is the Shanghai office of BNF.
In the UAE, the Fendi will design the Damac Residenze in Dubai Marina. The private apartments will be on the upper 42 levels of the Damac Heights tower development.
The 90-storey building is currently under construction. Foundations work has been completed and work starting on the tower’s superstructure. Local contractor Arabtec Construction won the AED500m ($136m) main construction contract for the project in 2010. Turkish company Zetas Foundation Technology was awarded a AED48m contract for the enabling works in July 2008. The architect is the local office of Aedas.
The tower is being built next to Damac’s Ocean Heights tower, which is now complete. Arabtec was awarded an estimated AED650m contract to build that tower in June 2007.