Damac signs $67m deal for Versace-linked tower

Dubai-based estate developer Damac Properties has signed a $67m deal for the construction of its Versace-branded tower in Beirut, the company’s managing director said Sunday. The contract, which went to MAN Enterprise, includes the main building works for the 28-storey residential block, which is due for completion in the final quarter of 2013. Damac said this month it had secured investors for almost 40 percent of the tower’s apartments, after signing a deal with Italian fashion house Versace to oversee the interiors last June. “In Lebanon, we mobilised the site in 2010, we launched in June 2010, and so far, although being a very premium project in an area which is still under a lot of political turmoil, our sales are very good,” Ziad El Chaar told Arabian Business. “Once we reach above the podium levels, we expect construction to progress at an advanced pace, which will likely result in a dramatic acceleration of sales as we proceed towards completion.” The project is one of two Damac developments with designs by Versace Home, but the first to be completely fitted-out by the Italian fashion house. The development, which will overlook the Solidere Marina in Downtown Beirut on completion, will comprise one, two, three and four bedroom apartments starting from $700,000 per unit. Privately-held Damac was among Dubai’s most prominent real estate developers during the Gulf emirate’s property boom, with its major projects including the Waves and Ocean Heights. The firm, which primary market was initially the UAE, has pushed into new markets following the collapse of Dubai’s real estate market in late-2008. The Dubai-based company said earlier this month it had also seen a number of project delays since the 2008 slump, but that these were under control. “In our purchase agreements with our customers there are terms for project delays and if delayed what compensation [will be paid]. This is standard procedure in off-plan development,” El Chaar said.