DAMAC Properties Announces Summer Mega Promotion

Dubai – July 9 2005– Luxury lifestyle provider, DAMAC Properties, announces today the launch of a mega summer travel promotion. DAMAC’s offer coincides with the launch of its 19th real estate endeavor, Lago Vista, a Mediterranean-style development located in the most sought for locations in New Dubai.

Through its latest promotional initiative, DAMAC overseas customers who buy apartments in Lago Vista between today and 15 August 2005 will be entitled to a holiday in Dubai valued at up to 10% of an apartment’s price. UAE citizens and residents who purchase a home within the project will also be given the chance to travel anywhere around the world, while being awarded travel expenses of up to 10% of the price of their purchased property.

"We are committed to providing the most creative promotional deals in the market," said Peter Riddoch, CEO at DAMAC Properties. He added: We believe this offer will give our customers a great opportunity to travel on a relaxing summer holiday that will give them a chance to unwind"

DAMAC Properties latest development will house luxurious residential and leisure facilities and will feature 256 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 innovate, and develop 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", reiterated 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 8 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.