The Princess Tower development will cost $100 million, DAMAC Properties announced, and forms part of the firm’s “comprehensive strategic plan to expand its operations to Iraq”.
The 26-storey building will be located in the Iraqi capital and is the first stage of a “long-term commitment” to the country, said Managing Director Ziad El Chaar:
“Iraq is a key market for us and the Princess Tower is a clear sign of our commitment to build luxurious living environments in a country which is seeing strong investment and capital growth. Iraqi nationals are looking to own in their own property in Iraq and the population is growing 2.3% according to the World Bank as people return.”
The tower, which boasts three bedroom apartments, a private health club, a swimming pool, Jacuzzi, steam room, sauna, Gymnasium and state-of-the-art 24-hour security, will be one of the highest residential towers in Baghdad when completed in 2016.
With such an expensive project launching in the current global economic climate, is the Princess Tower a positive omen for the market’s future?
The International Monetary Fund (IMF) forecast that Iraq’s economy will grow around nine percent this year, driven by surging oil production, which is expected to gain around 10 percent to 3.3 million barrels a day.
DAMAC Properties clearly have an optimistic outlook: the firm has recently opened an office in the Karrada district of Baghdad and will soon finish a company headquarters in Mansour.
The company is also working closely with the Iraqi Government to start work on a master development in many of the major cities.