DAMAC Properties - the luxury lifestyle provider and Middle East's largest private sector master developer, announced on Sunday the completion and delivery of 572 units of its iconic Lake Terrace project at Jumeirah Lake Towers. Reinforcing the company's focus and commitment to the delivery of projects, DAMAC has announced plans to deliver over 2,300 units in 2008, followed by an additional 7100 units in 2009/10. In 2008, DAMAC will also deliver 527 units in Lake View located at Jumeirah Lake Towers, 192 units in Executive Heights project at TECOM, 198 units in Tera Del Sol 1&2 and 848 units of The Crescent, located at IMPZ. In 2009/10, they will deliver a further 7100 units. Sharing insights on DAMAC's focus and determination on delivery of projects, Hussain Sajwani, chairman of DAMAC Holding, said: “There are over 2100 projects either planned or under way in the Gulf region and over 23% of these projects are located in Dubai. The property boom in the region, especially Dubai, has far exceeded the region's capabilities to develop these projects on time. The region has been facing a steep challenge on delivery of projects due to shortage of quality contractors and the rising costs of construction material. The delivery of our Lake Terrace project is a step towards our commitment and focus on completion of projects. __
