Damac plans to invest in Abu Dhabi projects

UAE-based Damac Properties has launched a new development despite an uproar just last month from investors in Palm Springs, an unrelated project on the Palm Jebel Ali that Damac attempted to cancel.

Damac continues to unveil new projects.
Damac continues to unveil new projects.

UAE-based Damac Properties has launched a new development despite an uproar just last month from investors in Palm Springs, an unrelated project on the Palm Jebel Ali that Damac attempted to cancel.

The new project, the 40-storey Harbour Heights, is to be built as part of the Eshraq project within Al Reem Island. It will comprise one-, two- and three-bedroom apartments with penthouses and duplexes on the higher levels.

Hussain Sajwani, chairman of Damac Holding, said: "We are delighted to announce another masterpiece for the discerning community in the UAE and Middle East."

"Abu Dhabi is growing fast and the landscape is set to witness a significant change in the coming years, thanks to developments like Al Reem Island. Coupled with the current construction boom and expected increase in population Abu Dhabi is now an ideal investment opportunity and a great place to live."

The tower will include amenities such as steam and sauna areas, a gymnasium, meditation and yoga centres, swimming pools, a children's play area, entertainment and games rooms and an infinity pool.

The Al Reem Island master development will also include recreation centres, healthcare centres, schools, hotels, shopping centres, golf courses, beaches and other amenities.

Following the outcry from Palm Springs investors, Damac reversed its decision to axe the project on the Palm Jebel Ali after consulting Dubai's Real Estate Regulatory Authority.

Infuriated investors in the project had threatened legal action, and said they stood to lose millions of dollars if the project was killed off.

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