INTERNATIONAL: DAMAC Tops Out $300M Luxury Residential Tower in Beirut

By Eliza Theiss, Associate Editor

Leading Middle Eastern luxury developer DAMAC Properties has topped off a $300 million iconic residential tower in Beirut’s Solidere area.

The 28-story DAMAC Tower was introduced as the first exclusive Versace Home branded residential tower in the region.

“Now that the project is topped off, we can get to work in earnest on the stunning Versace interior designs. We are at a very exciting stage of the development,” said DAMAC Properties Managing Director Ziad El Chaar.

Construction is moving along at a steady pace at DAMAC Tower, with block work reaching the 21^st floor, while façade work has reached the fourth story. Interior design is currently ongoing on the first five floors.

Located at the center of Solidere, one of the most desirable locations in Beirut, DAMAC Tower is surrounded by high-end hotels and the marina, featuring extensive views of the Mediterranean Sea.  Moreover, the location is rich with history – inhabited for several thousands of years. Solidere is located in downtown Beirut, which has traditionally been the center of culture, business, finance and leisure.

The high-rise will feature a striking design of undulating lines, which ensure sea views from each unit. The building’s design also incorporates two separate cores that ensure a high level of privacy with a low number of residences per floor.  Community amenities include multi-level parking with direct elevator access to apartments, two-story grand lobby with resident lounge and outdoor landscaped green area, fitness center with sauna, steaming room, Jacuzzi and massage facility, terraces, drivers’ area, private storage and Smart Home technology. DAMAC Tower also offers a 24-hour concierge, spa, food and beverage, housekeeping and maintenance services.  All interior design will be signed by Versace with Versace Home furnishings and accessories. The tower will comprise one-, two-, three- and four-bedroom units.

DAMAC Tower is the winner of the Best International High-Rise Architecture and Best High-Rise Architecture Lebanon categories of the 2010 International Residential Property Awards, as well as the global award for Best interior Design award for its collaboration with Versace Home.

Beirut has recently been named the top emerging city globally for real estate investment. A report commissioned by Candy & Candy and produced by Savilles in partnership with Deutsche Asset Management and quoted by DAMAC Properties, concluded that “real estate in the city looks very cheap by international standards with considerable growth potential.”