Damac Properties, one of the largest freehold private real estate developers in the UAE, has recently entered an agreement with Al Hamed Development and Construction to build its third freehold property, Lake Terrace, in Jumeirah lake Towers.

The agreement signed between Peter Riddoch, chief executive officer Damac Properties and Mahmoud Khalid, managing partner Al Hamed Development and Construction, involves the construction of the 40-storey lake front property in 20 months at a cost of around Dh150 million ($40.83 million).
The work on Lake Terrace includes the building of two parking levels, in addition to a concourse level that includes a swimming pool and leisure amenities as well as 40 floors housing 544 apartments ranging from studios to one, two and three bedroom apartments.
Lake Terrace would be built on a total area of 55,000 sq m.
“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,” said Khalid.