{"id":5152,"date":"2016-02-18T18:38:19","date_gmt":"2016-02-18T11:38:19","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=5152"},"modified":"2016-02-18T15:55:55","modified_gmt":"2016-02-18T08:55:55","slug":"damac-pays-dh1-2bn-for-site-overlooking-extended-dubai-canal","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-pays-dh1-2bn-for-site-overlooking-extended-dubai-canal\/","title":{"rendered":"Damac pays Dh1.2bn for site overlooking extended Dubai Canal"},"content":{"rendered":"


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\nDeveloper Damac has bought a prime site by the banks of the new Dubai Canal for an estimated Dh1.26 billion.The company said that the site straddles the eastern and western side of Sheikh Zayed at the Safa Park intersection, next to the extended Dubai Canal. It said that the site was bought by its subsidiary and would be paid for by way of deferred payment, spread in five payments over the next four years until March 2020.
\nIn a statement to the Dubai Financial Market, Damac said that the site purchases were “in line with the company’s long term strategy of maintaining a five-year land bank and replenishing it with land in prime Dubai locations to ensure a sustainable pipeline of future developments”.”Further announcements on these development plots will be made in due course.”The company announced that it was offering investment products that provide a guaranteed return of 3 per cent per year on money put down during the construction phase, and also a “capital guarantee” product that will refund the difference if the value of a property falls below the purchase price within two years of its handover \u2014 up until the end of 2019.
\nLast week, the company reported a 40.6 per cent increase in annual profit to Dh4.5bn, up from Dh3.2bn a year earlier. However, figures were boosted by provisions of Dh155.6m made in the fourth quarter of its prior year accounts and Dh500m worth of penalty charges it reaped from customers who had walked away from off-plan purchases.Its chairman, Hussain Sajwani, also said the market had entered a “consolidation point” after three prior years of growth.
\nThe Dubai Canal is being built under three separate contract packages by construction firms Gunal, Besix and China State Construction Engineering Corporation. Parsons is the engineering consultant for two of the phases, while CH2M subsidiary Halcrow is handling the third. The work is due to complete by the end of this year.mfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Damac pays Dh1.2bn for site overlooking extended Dubai Canal<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Developer Damac has bought a prime site by the banks of the new Dubai...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-5152","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-1l6","jetpack-related-posts":[{"id":5156,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-properties-says-acquires-land-in-dubai-worth-343m\/","url_meta":{"origin":5152,"position":0},"title":"Damac Properties says acquires land in Dubai worth $343m","date":"February 18, 2016","format":false,"excerpt":"\r The plots are located on the eastern and western sides of Sheikh Zayed Road close to the emirate's Dubai Canal project\r \r Source : arabianbusiness.com\r Read more...Damac Properties says acquires land in Dubai worth 3m","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5302,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-to-build-luxury-flats-with-car-lifts-next-to-dubai-canal\/","url_meta":{"origin":5152,"position":1},"title":"Damac to build luxury flats with car lifts next to Dubai Canal","date":"February 21, 2016","format":false,"excerpt":"\r \r The property developer Damac is building new luxury flats next to the Dubai Canal, each with their own car lifts. The six-tower, 4 million square foot project, Aykon City, will be built on Sheikh Zayed Road. In the 2012 US presidential election, Mitt Romney's wealth raised eyebrows when\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11422,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/jacuzzi-or-sauna-damac-launches-hotel-spa-villas-in-dubais-akoya-oxygen\/","url_meta":{"origin":5152,"position":2},"title":"Jacuzzi or sauna? Damac launches hotel spa villas in Dubai's Akoya Oxygen","date":"April 26, 2016","format":false,"excerpt":"\r Damac is continuing its creative ways of attracting property buyers to Dubai with the launch of a collection of villas containing a private garden spa.The hotel spa villas are part of Damac's Akoya Oxygen project, on the Umm Suqeim Road, and provide buyers with a choice of Jacuzzi or\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":37984,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-awards-contracts-worth-dh1-26bn-in-last-four-months\/","url_meta":{"origin":5152,"position":3},"title":"Damac awards contracts worth Dh1.26bn in last four months","date":"December 14, 2016","format":false,"excerpt":"\r Lucy BarnardDubai developer Damac awarded 15 construction and consultancy contracts worth Dh1.26 billion in the four months between August and November, the company said on Tuesday.Damac said this included main works contracts for villas and apartments at several clusters at its 42-million-square foot Akoya golf course development.It also included\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22378,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-to-sell-off-plots-of-land-at-akoya-oxygen-project-in-dubai\/","url_meta":{"origin":5152,"position":4},"title":"Damac to sell off plots of land at Akoya Oxygen project in Dubai","date":"August 9, 2016","format":false,"excerpt":"\r Damac Properties is to start selling off plots of land at its Akoya Oxygen community in Dubai.The plots will have a starting price of Dh600,000 and Damac said that it will give investors up to 10 years to build on them. Last month, the company announced the launch of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":25323,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-announces-inverted-villas-for-akoya-community-in-dubai\/","url_meta":{"origin":5152,"position":5},"title":"Damac announces inverted villas for Akoya community in Dubai","date":"September 7, 2016","format":false,"excerpt":"\r The National staffThe Dubai developer Damac is turning its architecture upside-down with a villa concept in its flagship master development Akoya that puts an infinity swimming pool on the first floor.Damac says the \"inverted\" XV Villas plan, announced at Cityscape Dubai 2016, feature living spaces on the first floor\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/5152"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=5152"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/5152\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=5152"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=5152"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=5152"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}