Monthly Archives: April 2013

Dubailand CEO Mohammed Alhabbai and DAMAC Chairman Hussein Sajwani on the Launch of Akoya by DAMAC

Most Luxurious Golf Community in Asia is now in Dubai with Golf Club, Premium Mansions and Villas

DAMAC Properties, the largest private developer of luxury real estate in the Middle East, announces the launch of ‘Akoya by DAMAC’, a 28 million square feet master development off Umm Sequim Road in Dubai.

‘Akoya by DAMAC’ will be the most luxurious Golf community in Asia, with premium branded mansions, villas, townhouses and luxurious apartment units. The project will include an 18-hole PGA Championship Golf Course at the heart of the development, in addition to a sumptuous spa, boutique hotels and international schools from kindergarten to secondary level.

The fully-integrated community will also include globally-recognised retail brands, leisure & entertainment offerings, a sports complex and beautifully manicured landscaping throughout.

‘Akoya by DAMAC’, which takes its name from one of the most exclusive pearls in the world, will create a thriving living environment aimed at meeting the demand of those living and working in Dubai and the region, as well as those holidaying there.

The project will include distinctive architecture, lush landscaping and unrivalled five-star service in every element of the luxury living environment.

The development will be the largest project by size and scale which DAMAC Properties has ever launched, further confirming the stabilisation and upturn in the Dubai real estate market.

“We aim to make ‘Akoya by DAMAC’ the most desirable living environment in Dubai for aspirational professionals who recognise ultimate luxury,” said Mr. Hussein Sajwani, Chairman, DAMAC Properties. “The development will bring a blend of high-end, five-star living, with unrivalled facilities and create a haven for families looking to make Dubai their home.”

The latest report from Jones Lang LaSalle showed that valuations of apartments and villas in Dubai had continued to climb. In the first quarter of this year prices were up 18% in prime locations. The report also stated that ‘for the first time since mid-2008, all sectors of the Dubai real estate market are currently positioned in the recovery stage of the market cycle.

“We are in advanced discussions with a number of leading global brands to make ‘Akoya by DAMAC’ the most sought-after area in Dubai,” added Mr. Sajwani.

The purchase of land from Dubailand has been completed and all required paperwork has been received.

DUBAILAND® is a popular district of Dubai that includes entertainment, sporting, shopping and residential communities. The destination hosts a number of diverse attractions including Miracle Gardens, Sports City, Motor City and Global Village. It is well connected to key highways making it within quick and easy reach of prime costal and downtown areas.

DAMAC Properties has completed 37 buildings to date with 7,817 units and spanning 13,945,299.00 sq feet. DAMAC Properties also has a further 66 buildings at various stages of progress across the Middle East and North Africa region. These consist of 12,100 units.

More details will be made available to visitors to the Arabian Travel Market, taking place at Dubai International Convention and Exhibition Centre from 6-9 May 2013. Visitors will find the DAMAC Properties stand at Sheikh Saeed Hall, stand 5,560.

Lincoln Park on Umm Suqeim Road, launched by DAMAC Properties

DAMAC Properties Launches Luxury Living in Dubai Starting from AED 449,000

DAMAC Properties has launched its latest serviced apartments on Umm Suqeim Road, providing its luxury living concept in the centre of Dubai for units starting from AED 449,000.

Lincoln Park, on Umm Suqeim Road, which will be completed by the end of this year, is near the recently opened Miracle Garden and is just ten minutes drive from the Mall of the Emirates and Sheikh Zayed Road. The project offers a luxurious family living environment within easy access of both sides of Dubai.

“Lincoln Park comes complete with a gymnasium, swimming pool, restaurants & retail outlets and offers all the conveniences of a serviced apartment at an unbeatable price,” said Ziad El Chaar, Managing Director, DAMAC Properties. “The Umm Suqeim Road area is set for major development and growth in the coming years and this is a great opportunity to invest in Dubai real estate before prices inevitably rise.”

Lincoln Park comprises one, two and three bedroom units, inspired by Chicago-style architecture, with a well articulated and ornamented front entrance, flat roofs with parapet walls and beautifully designed roof terraces.

Interested clients can call the DAMAC Properties call centre on 04 301 9999 or visit the DAMAC Properties office at Ocean Heights in Dubai Marina or Park Towers at DIFC.

DAMAC Properties recently announced it was on target to complete 3,328 units throughout the region by the end of 2013.

Lincoln Park is the fourth launch by DAMAC Properties this year alone, following the announcement of DAMAC Residenze in Dubai Marina, DAMAC Esclusiva in Riydah, KSA, both of which are being developed with interiors by Italian fashion-house FENDI, and DAMAC Towers by Paramount – a hotel and luxury serviced residences in the heart of the Burj Area.

DAMAC Properties has completed 37 buildings to date with 7,817 units and spanning 13,945,299.00 sq feet. DAMAC Properties also has a further 66 buildings at various stages of progress across the Middle East and North Africa region. These consist of 12,100 units.

Property investors upbeat

Investors are upbeat on UAE real estate as demand for residential and commercial space is expected to remain strong in the coming years with new projects coming into the market, according to new reports.

Leading fund managers, property consultants and executives said demand for real estate projects will increase as the economy improves, population figures rise and tourism increases.

Al Masah Capital, an alternative asset manager, said Dubai’s real estate market is ripe for investment as it enjoyed good growth in the residential and hospitality segments last year.

“Residential development continued to remain high in Dubai on higher sales prices, while the hospitality segment remained robust through the year with a rise in daily and occupancy rates,” the Cayman Islands-based company with an office in Dubai said in its Mena – Alternative Investment Strategy 2013 report.

In another report, Business Monitor International, or BMI, said government-backed investments, especially in transport infrastructure, will support the UAE’s real estate sector as well as the construction sector. In its first-quarter report on UAE real estate, BMI said a clear regulatory environment and governing of private investments in real estate create a favourable investment climate.

“The UAE benefits from its strategic importance in the GCC and of the strategic importance of the region to the world. Regional unrest has benefited the emirates as they are seen as much safer than their neighbours,” the BMI report said.

Referring to a recent survey conducted by real estate consultants Cluttons placing Dubai as the most attractive destination to most private investors, Al Masah Capital’s report said the real estate market in Dubai is to be driven mainly by residential and hospitality segments in 2013. Recent projects, launched by major property developers including Emaar and Damac, sold out on its launch days, indicating the recovery in the sector. Damac managing director Ziad El Chaar said Dubai’s real estate sector recorded around 10 per cent growth in 2012 and this is likely to further accelerate this year.

Michael Lahyani, founder and chief executive of leading UAE portal propertyfinder.ae, expressed similar views and said the real estate sector has witnessed a strong start in first quarter of this year.

“The strengthening fiscal environment in Europe, along with the political instability in the Middle East is pushing more and more people towards Dubai, renowned for its tax haven and secure environment,” he said.

“Dubai continues to lead the way, with ever popular locations such as Dubai Marina, Downtown Dubai and Palm Jumeirah being joined by relatively new developments like Jumeirah Village Circle. The outlook for the rest of the year remains positive with demand is expected to remain strong with new projects coming on to the market,” Lahyani told Khaleej Times.

Shailesh Dash, chief executive of Al Masah Capital, said projects like Mohammed bin Rashid City show that Dubai has recovered its swagger and the renowned confidence allows for them to start dreaming again. “We do believe that the implementation of these new projects will be done according to the demands of the market as well as the prevailing credit and cash conditions which are far different from 2007.”

The BMI report also cautioned that limited supply of credit affects project finance. “Our core view for the UAE is that the economy and real estate sector will experience relatively moderate levels of growth over the coming decade,” it said.