Luxury property developer Damac invests $513 million dollars to buy a plot from Dubailand. The half a billion dollar investment was made to acquire land from Dubailand announced by the luxury property developer Damac.
Recently, Damac announced to list their shares for the first time in Dubai Financial Market (stock exchange).
Damac purchased the land via its sister subsidiary Front Line Investment by funding the acquisition from the proceeds from selling Sukuk $650 million earlier in second quarter.
According to Damac, “the acquisition is in line with the company’s long-term strategy of replenishing its land bank with land in prime Dubai locations to ensure a consistent pipeline of future sales inventory.”
55,000,000 square foot of land was purchased by Damac to support their long-term strategy of launching luxury properties in prime locations of Dubai.
Damac also announced earlier that Damac Real Estate Development Limited (DRED) will be listing its shares in DFM (Dubai Financial Market).
Damac received $210 million profit in first quarter after market recovery in 2014.
The latest development indicates that there are more projects and announcements are in pipeline by Damac. However, they are yet to be announced by Damac.
Call Bluechip Real Estate 043 95 1212 to Buy, Sell or Rent properties developed by Damac.