Lake Terrace to be built by Al Hamed
Al Hamed to built Damac's Lake Terrace
DAMAC PROPERTIES has awarded Al Hamed Development and Construction the contract to build its Lake Terrace development in Jumeirah Lake Towers.
The agreement signed between Peter Riddoch, CEO, Damac Properties and Mahmoud Khalid, Managing Partner of Al Hamed Development and Construction LLC, foresees the construction of the 40 floors lake front property in 20 months at a cost of around Dhs 150 million.
“We are very pleased to appoint Al Hamed Development and Construction as main contractor for our third freehold water front tower in Dubai. Al Hamed is one of the most respected construction companies in the UAE and they have assured us that they will be on time in completing the project in 20 months,” Riddoch said. Heexplained that Al Hamed’s scope of work on Lake Terrace includes the building of two parking levels, in addition to a concourse level that includes the swimming pool and leisure amenities as well as 40 floors, housing some 544 apartments ranging from studios to one, two and three bedroom apartments.
Khalid noted that Al Hamed would build Lake Terrace on a total built up area of 55 000m2.
“This is a large development and we are pleased to be associated with one of the largest real estate developers in the country. Lake Terrace comes as another addition to our extended portfolio of projects and we are proud to be working with Damac Properties to ensure the delivery of a high quality and luxurious tower that reflects the success of Damac Properties and the construction excellence of our company,” he added.
Offering a wealth of five star amenities, lush green walkways, restaurants and a shopping boulevard, Lake Terrace, is the third property under construction by Damac and the eighth in a list of towers developed across materplan development projects in Dubai Marina, Jumeirah Lake Towers, Jebel Ali and Jumeirah Palm Islands and DIFC.