Damac acquires plots on Sheikh Zayed Road for AED1.26 billion
Damac Properties Dubai (Damac) announced it had acquired a number of land plots, with a total cost of AED1.26 billion. The plots are located on the eastern and western sides of Sheikh Zayed Road and will add c4 million sqft to the company’s land bank. The payment structure is over five yearly deferred payments, with the last payment scheduled in March 2020. This comes in line with the company’s strategy to replenish its land bank to maintain a five-year land bank. (DFM)
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