DAMAC Properties Breaks into Iraq RE Market with $100M Residential Tower
- May 24, 2013
DAMAC Properties, the leading private developer of luxury projects in the Middle East, has announced a comprehensive expansion plan into Iraq, a previously untapped market for the development giant. And its first foray is the Princess Tower, a 26-story luxury residential project, set in the heart of the Iraqi capital of Baghdad.
“Iraq is a key market for us and the Princess Tower is a clear sign of our commitment to build luxurious living environments in a country which is seeing strong investment and capital growth,” said DAMAC Properties Managing Director Ziad El Chaar.
The $100 million Princess Tower is an ambitious project that reflects DAMAC’s confidence in the current state and the future of the Iraqi real estate market. Touted as “a beacon of hope and imminent prosperity, symbolizing the start of a new for many Iraqis,” the Princess Tower has already started development in Bagdad’s historic Al Mansour District, an area of great importance for centuries now. The luxury apartment complex will feature three-bedroom units on floors six through 22, thus bringing 68 exclusive residences to the Bagdad real estate market. Amenities, located on the uppermost floors of Princess Tower, will include a state-of-the-art health and fitness center, an infinity lap and swimming pool, Jacuzzi, spa and wellness center complete with a sauna and steam room. 24-hour power backup, off road covered parking, 24-hour security, security card access and CCTVs installed throughout public and common areas are among the security measures to be implemented at Princess Tower, ensuring only residents and authorized visitors have access to the high-end residential project. Other amenities will include 24-hour concierge service.
All units will feature a three-bedroom three-bathroom layout with the kitchen located at heart of the apartment. Units will be appointed with the highest quality marble and ceramic features, and five-star hospitality-grade furnishings. Bedrooms and living areas will be fringed by ample balconies. Apartments will range in size between 3,230 – 3,681 square feet.
With completion expected in 2016, Princess Tower will be among Bagdad’s tallest residential towers. DAMAC Properties will stay on as property manager after development completes.
DAMAC Properties has also opened an office in Baghdad’s Karrada District and is currently developing a local headquarters in the Al Mansour District. The company will also be working closely with the Iraqi Ministry of Housing as consultant on several residential and commercial projects in the greater Baghdad area. DAMAC will also be working on the master development plans of some of the country’s largest cities.