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Qatar Commercial Tower Launched

Posted on Wednesday, 16 July 2008 06:56PM by
DAMAC Properties – luxury lifestyle provider and the Middle East’s largest private sector master developer - launched its first commercial tower in Qatar today. Business Square is an urban development spanning 39,000 sqm and is located in the southern end of Lusail, close to the West Bay area, within the Marina District. The launch comes close on the heels of an announcement made by the developer last month on the opening of their first sales office in Qatar.


Business Square is 20 stories tall and is meticulously designed to enhance a productive work atmosphere so as to reap exhilarating returns. The value of the project stands at QR 350m.


Speaking at the launch, Peter Riddoch, CEO, DAMAC Properties, says, “Qatar is the world’s second-fastest growing economy in the property sector in 2008 according to reports. The Qatari real estate sector which has evolved substantially over the years is currently experiencing an incredible demand for highly profitable real estate investments. Business Square is a step forward by us to strengthen our presence and showcase our commitment to the Qatari market. We are moving aggressively into Qatar with two residential launches, the opening of our first sales office, and our first commercial tower launch in just over two months. Business Square benefits greatly from its ideal location as Lusail - the master development - encourages inbound investment and provides world class living and working environments that will stimulate the local economy.”


He added, “The real GDP growth in Qatar is expected to top 14.3% this year and 13.5% in 2009. The construction projects in the region are expected to experience a steep rise in the next three years and DAMAC Properties is eyeing huge investments in Qatar’s real estate with more than US$45 billion worth of projects in the pipeline across various sectors in the region.”


Business Square provides multilevel parking and round-the-clock security along with hi-speed internet, swipe access, a business lounge, and reception area that will be incorporated into an office environment where employees will enjoy walking into day after day.


In order to balance hard work out with just as much play; top of the range leisure facilities are easily accessible within the tower. A health club, gym, and multi-function room will all be part of a relaxing, refreshing atmosphere characteristic of Business Square. Cafés, restaurants, boutiques, and retail complement this commercial community.


In April, DAMAC Properties released details of two residential projects; Garden Heights – a luxury residential high-rise and The Terrace at Fox Hills, both at the Lusail development.


Lusail is Qatar’s largest mega project. Lusail, home to a self-sustaining residential and commercial community with retail, hospitality, resort and entertainment venues, is scheduled to be completed by 2010 and is expected to house over 200,000 residents.


Qatar is an integral component of DAMAC’s expansion plans and part of the company’s global vision. The newly opened sales office in Doha provides information on DAMAC’s projects, master plans, and details on the progress of different projects across all markets. The sales executives meet and address the queries of prospective customers and business partners on various projects locally, regionally and internationally
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