Thursday, June 02, 2005

DAMAC Properties Announces Groundbreaking Rental Guarantee Scheme

Luxury lifestyle provider, DAMAC Properties, has conceived some of the most unique and iconic projects in Dubai. Today, the company introduces a groundbreaking 24 % rental return guarantee scheme over a period of three years, for any customer who purchases a property at “The Crescent” located off Emirates Highway. “The Crescent”

DAMAC will provide any customer buying an apartment at “The Crescent” the opportunity to lease out his property and generate a yearly return that is equivalent to 8% of the original price of the property.

“We are pleased to introduce this one-of-a-kind scheme that has never been witnessed within Dubai’s property market. This arrangement, which sets us apart as innovators, reflects DAMAC’s underlying faith in the continued strength of Dubai’s ever-growing real estate market,” said Peter Riddoch, Chief Executive Officer, DAMAC Properties.

Riddoch added: “Through this initiative, DAMAC listened to its customers needs and responded to their requirements by adding to the security of their investment.”

The Crescent encompasses a plethora of residential and leisure amenities. It includes 848-luxury studio, one, and two bedroom apartments with stunning views over a large man-made lake. The project will also offer a wide range of restaurants, as well as ample parking space for residents, a swimming pool, tennis court, squash court, gymnasium, 24 hours security and maintenance.

“Each apartment at The Crescent will be built according to the highest specifications. We have worked very closely with leading New York based architectural firm, BM Design Group, and local consultant Al Gurg & Associates, to ensure that each apartment offers every modern amenity in a chic and homely setting,” stated Riddoch.

DAMAC Properties was the first to introduce residential projects on every master plan development introduced by the Dubai Government, including The Palm Islands, Dubai Marina, Dubai International Financial Center (DIFC), Jumeirah Lake Towers, and Discovery Gardens.

The total value of DAMAC Properties’ projects is over AED 6 Billion. It is a subsidiary of DAMAC Holding established in 1982. An accredited ISO 9002 company, DAMAC Holding has now grown into a global conglomerate with more than 5000 employees in 16 countries. Being the first private sector Company to make a commitment to Dubai’s real estate market, DAMAC properties has become the market leader with a strong sales record to its credit.

© 2005 Al Bawaba (


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