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DAMAC No2 real estate brand in the region

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CIOL Bureau
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BANGALORE, INDIA: DAMAC Properties Group, leadingluxury lifestyle provider - has secured its leading position among property developers across the GCC. DAMAC Properties is now rated as number two in the latest Gulf Real Estate Study by Future Brand, the US-based global brand consultancy.

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The study was conducted across key GCC markets – Saudi Arabia, Qatar and the UAE. The key drivers behind the ranking were high-quality construction, trustworthiness, responsive customer service, good value for money and focus on reliability.

Based on the overall drivers, only Emaar scored higher than DAMAC. Other factors covered in the study were familiarity, perception and preference, consideration of various home types, amenities and locations.

In last year’s study conducted in the UAE and Bahrain, DAMAC Properties came in third place and DAMAC Properties’ CEO Peter Riddoch said that to make the move to second place was a hugely significant and positive step.

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He said: ‘This is a reflection of the hard work, commitment and dedication shown by everyone involved with DAMAC Properties. I would like to thank our staff, our partners and our customers for helping us reach this far.

‘’The study shows that we are second only to Emaar. We have achieved this in just six years and we are well on the way to achieve our vision of becoming the world’s best luxury property developer’’.

‘Last year we were positioned number three. As a result of our customer-centric approach to all aspects of our business and the integrated efforts by our marketing, sales, public relations, customer relations management, development and projects teams to deliver an enhanced customer experience, we are glad to see this reflected in the improved customer confidence towards DAMAC”, continued Riddoch.

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‘We are working at redefining the proposition of luxury and creating a niche for ourselves. Identifying the right opportunity at the right time, especially in markets like the UAE, which continue to out-perform global trends, we have capitalized by offering products that appeal to investors and end customers.”

Speaking on the redefining of luxury, Riddoch said: “It is not enough just to talk about luxury anymore – luxury has almost become the standard that investors and residents expect from a property. DAMAC Properties stands out as an organization that takes the wishes & aspirations of its customers and turns them into a reality by focusing on the benefits of luxury and not just the features.

A Significant Year

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2008 has been a good year for DAMAC Properties; the company recently announced a new corporate identity with a brand promise of ‘Wish Fulfilment’, which extends the equity that DAMAC Properties has built behind the current luxury positioning, while depicting luxury in a more unique context. At the same time, DAMAC Properties introduced its new vision designed to reflect a new age in the history of the developer and the global property industry. 

2008 has also been the ‘Year of Construction’ at DAMAC Properties, during which its businesses have aggressively focused on construction and contract delivery to trusted and quality contractors.  An impressive AED2.5billion worth of contracts have been awarded in the first nine months of 2008. From initial consultants through to enabling and main contractors, the company has awarded more than 60 contracts in the first nine months of the year – showing that it means business when it comes to delivery. So far approximately AED2.1billion worth of contracts have been awarded for projects in Dubai, AED45million for projects in Abu Dhabi and a total of AED320million by DAMAC International for projects in Qatar and Jordan.

In line with this, DAMAC Properties Dubai, is making good progress at its major developments in Dubai and has recently handed over 571 units at Lake Terrace in Jumeirah Lake Towers and with the promise of delivery of 192 units at the Executive Heights project at TECOM, 198 units in its Tera Del Sol developments in Discovery Gardens, 536 units at LakeView in Jumeirah Lake Towers and 847 units at The Crescent, located at IMPZ in Dubai, all before the end of 2008.

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DAMAC Properties is expected to hand over approximately a further 7,100 units in 2009/10 across the GCC region.

The fourth Future Brand study was a quantitative survey of respondents, across a sample representative of GCC in five major cities. FutureBrand is a leading brand consultancy that delivers a powerful point of view and designs the tools and methodologies tailored to gauge and analyse the real estate industry.