DAMAC PROPERTIES LAUNCHES NEW PROJECT

Dubai – June 18 2005 – Luxury lifestyle provider, DAMAC Properties, has announced today the launch of its latest real estate endeavor, "Lago Vista", a Mediterranean-style development located in one of the most sought after locations in New Dubai.

The project will house luxurious residential and leisure facilities and will feature 800 apartments, with prices starting from AED 460,000. Lago Vista will offer studio and two bedroom apartments with spectacular views of neighboring gardens and lakes, which provide an inspiring setting, as well as state of the art facilities, including tennis courts, a swimming pool and health club.

The launch of the property is part of DAMAC’s ongoing commitment to providing the ultimate in luxury property solutions for potential homeowners in Dubai. The city has witnessed thriving demand for residential properties over the last few years; out of the 18 projects that DAMAC Properties has launched to date, only two projects have available apartments for sale.

"The property sector in Dubai is booming and it is important that we keep up with the demand for luxury apartments. Our ongoing dedication to developing innovative and unique residential projects drives us to provide our customers with the luxury lifestyle that has become the trademark of DAMAC over the years; a perception that we are extremely proud of and committed to maintain", said Peter Riddoch, CEO at DAMAC Properties.

Lago Vista is located off Emirates Road and is at a close proximity to Dubai’s exclusive golf courses, prestigious hotels and resorts, as well as the Mall of the Emirates and Dubai Land.

DAMAC Properties was the first to introduce residential projects on every master planned development introduced by the Dubai Government, including the Palm Islands in Jumeirah and Jebel Ali, Dubai Marina, Dubai International Financial Centre (DIFC), Jumeirah Lake Towers and Discovery Gardens.

The total value of DAMAC Properties’ projects is over AED 6 Billion. It is a subsidiary of DAMAC Holding, an accredited ISO 9002 company that has grown into a global conglomerate with more than 5000 employees in 16 countries. Being the first private developer to make a commitment to Dubai’s real estate market, DAMAC properties has become a market leader with a strong sales record to its credit.