Work On Track At All Three Projects

Dubai-based private developers Damac Properties announced that work at all three of their projects at Jumeirah Village South - Emirates Gardens, Emirates Gardens II and Tuscan Residences - is progressing and will all soon be ready. At a time when investor confidence in the ability of developers to deliver their projects is dipping, Damac is "working to promote the importance of continued construction and delivery", said Peter Riddoch, CEO of Damac Properties.Blair Hagkull, a real estate analyst, told Gulf News: "Currently there are two major issues in the real estate sector - investor sentiment and liquidity. It is widely understood that at such a time, there is high importance attached to completing projects. There is a greater investor appetite for completed projects that can drive rental earning."

Niall McLoughlin, Senior VP, Corporate Communications at Damac told Gulf News that the company had delivered 2,300 units so far and intended to deliver more than 7,300 units more by the end of 2010. The three projects at Jumeirah Village count for approximately 1,600 of these. Emirates Gardens' first phase will be handed over this summer and the entire project will be completed by the end of this year or the beginning of next year. Emirates Gardens will be completed by the end of this year. The Tuscan Residences is also to be completed around the same period, said McLoughlin