The Buildings by Daman reaches topping point

The office tower will be handed over first, next year, Daman says.

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Daman Investments has reached the top of construction for The Buildings by Daman, its AED1.6 billion mixed use development in the Dubai International Financial Centre.

“We are proud to celebrate this important moment in the life of our project with the topping up of The Buildings by Daman, the development of which has continued steadily and is now nearing our initial phased handover stage beginning in 2011 with the office tower,” Shehab Gargash, managing director of Daman Investments.

The 224-metre high Buildings by Daman is a 65-floor high rise, built on 220,000-square foot plot of land in the heart of the DIFC, Dubai's commercial business district. A mixed-use residential and commercial complex, it includes freehold apartments, offices, a luxury hotel and retail space, encompassing 3.3 million square feet of built up area, and is being constructed by Al Habtoor Leighton.

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Laurie Voyer, managing director of Al Habtoor Leighton, attended the topping off ceremony.

The Buildings have so far required more than 448 m3 of special concrete mix pumped up 224 metres above the ground and poured across a roof plate area of 1,410 m², bringing the overall concrete quantity poured into the building, inclusive of the roof slab, up to 20,527 m3.

Gargash added that the topping off coincided with the completion of both Tower B and the Office Tower superstructures.

The project is financed by a US $100 million private equity real estate fund, structured as Daman Real Estate Capital Partners Limited, a special purpose company.

The overall project finance model which includes non-recourse debt and re-invested project revenue, provides investors with the opportunity to participate in a major development through a specifically developed structure.