DAMAC Properties Launches AKOYA Imagine Targeting Millennials in Middle East

DAMAC Properties, Middle East's leading luxury real estate  developer, has unveiled AKOYA Imagine, a cluster of homes surrounded by the lush greens and fairways of the international golf course. 

Set at the heart of the AKOYA Oxygen master development, AKOYA Imagine presents a collection of colourful villas aimed at young couples and families, representing the perfect permanent residence or vacation home.

In Phase 1, three bedroom villas will be released with starting prices of AED 1.2 million, spread across an attractive three-year payment plan. Homes will also benefit from free service charges for five years. The units will go on sale on Saturday, 9th July in Dubai at DAMAC Maison Canal Views, Al Abraj Street from 11am to 11pm.

As a vibrant community nestled within a wonderful green backdrop, AKOYA Imagine is a neighbourhood for those who are contemporary and relaxed in their style of living. Indoor and outdoor spaces are carefully arranged to offer a casual way of life that blends function with social, family living, and an artful palette of colours. Interiors are open, airy and splashed with zesty hues, which balance warmth with cooling tones, energy with serenity and space with intimacy.

Ziad El Chaar, Managing Director, DAMAC Properties, said: "AKOYA Imagine is targeted towards a new type of buyer - young, professional and savvy to the lifestyle and financial benefits of buying in an international golf course community. This type of community is proven to consistently yield higher returns than a purely residential one and there is a limited supply in Dubai. Combined with the Tiger Woods Design element, a villa in AKOYA Imagine presents a very lucrative investment, not to mention an extremely attractive home."

Supporting El Chaar's statement, advisory firm KPMG stated in a recent report that golf courses typically increase the valuation of adjacent real estate by up to 20% when compared to similar real estate in a neighbourhood without the golf course component. 

AKOYA Oxygen is a 55-million-square-foot master development that will showcase the greenest living spaces in Dubai. Home to the 18-hole championship golf course by Tiger Woods Design, the eagerly anticipated development boasts easy access to Dubai's major highways; yet is far enough away from the bustle of the city to offer a tranquil pace of life in a beautiful green setting.

DAMAC Towers all set to change Dubai skyline

The construction of the iconic US$1 billion 56-storey DAMAC Towers by Paramount resort in the Burj Area of Dubai is going on full swing with all the four towers reaching their 16^th level, according to the developer.

DAMAC Towers in Dubai

The luxury project includes more than 1,800 units comprising approximately 1,000 one, two and three bedroom serviced suites and 800-key 5-star Paramount Hotel. Launched by Paramount Pictures in association with DAMAC Properties on March 12, 2013 each apartment will reflect the style and ambience of the movies produced by the former.

DAMAC Towers by Paramount is currently one of the single largest projects under construction in Dubai. On completion, the total number of floors in the development will exceed Burj Khalifa, the world’s tallest tower. Each tower will stretch more than 250 metres into the air, with 10 podium levels and 58 additional storeys.

DAMAC Towers under construction

 The core walls on each of the four towers have now reached the 16th level, with the slabs already passing the 13th floor of the project, a release from DAMAC properties said.

“Developing such a huge project, with four towers all being constructed simultaneously, has brought some challenges, but we are delighted with the way the project has grown in the past year,” said Niall McLoughlin, Senior Vice President, DAMAC Properties, adding, “DAMAC Towers by Paramount is already an iconic development coming up in the Burj Area and we look forward to opening the first ever Paramount Hotel & Resort anywhere in the world.”

The project includes a multi-level plaza, offering a selection of 11 themed food and beverage concepts, unique meeting and events facilities, a private screening room, wellness & fitness centres, swimming pools, kids club, retail, and merchandise.

After  a phenomenal response to the project, DAMAC recently has announced launching of another Paramount Hotels & Resorts project in Dubai. Paramount Hotel Dubai, Downtown will include 1,250 rooms and suites, making it one of the biggest hotels in the Emirate. The development will support Dubai’s tourism in the run up to the World Expo, 2020.

 DAMAC Properties is also building the 276-key, Paramount Hotel, Jumeirah Waterfront, DAMAC Villas by Paramount within the AKOYA by DAMAC master development and DAMAC Tower by Paramount in Riyadh, KSA.

“We see these unique branded developments with Paramount Hotels & Resorts as a key tranche of our business moving forward,” said McLoughlin.

“The hospitality sector needs to grow three-fold in the coming six years, just to keep up with the number of tourists set for Dubai and we believe that the DAMAC Towers by Paramount developments will prove a huge draw to international visitors,” he further said.

Established in 2002, DAMAC has delivered almost 11,000 units to date and currently has a development portfolio of over 26,000 units, including over 10,000 hotel rooms and serviced hotel apartments, at various stages of construction and planning as on June 2014.

DAMAC sells first phase of AKOYA Oxygen in Dubai

New Delhi: DAMAC Properties, one of the largest luxury property developers in Dubai, has recently sold the entire first phase of their green master development ‘AKOYA Oxygen’ on the launching day itself.

AKOYA Oxygen is the first green master development project spread over 55 million sq ft in Dubai, and will showcase the greenest living spaces with park lands, green open spaces and private gardens. The project will include an18-hole golf course.

Ziad El Chaar, Managing Director of DAMAC Properties, said ”The unprecedented success was due to developing a green concept that will be integral to this new community. On a project of this scale and size, over 55 million sq ft, the open spaces, amenities, gardens and water features will take up approximately 50% of the land and this will create a very attractive place to live and our clients recognized this value. What we saw was the appreciation of clients and investors who proved to be very aware that ‘green is the new black’.”

El Chaar added: “On the financial front, our price point offered during this first day of sales was attractive for the different types of clients seeking various properties in term of size, location and amenities. A four bedroom house was available for AED 2.5million  and these units were first to sell out. We are extremely confident that AKOYA Oxygen will be the next success story after the success of AKOYA by DAMAC.”

The luxurious residential properties will be integrated with retail and hospitality spaces including a five star hotel, a luxury wellness centre featuring wellness therapies, yoga programs, herbal treatments, diet control and exercise. The fully-integrated community will also include globally-recognised retail brands, leisure & entertainment offerings, and organic market places all set within beautiful manicured landscaping, a press release said.

Established in 2002, DAMAC Properties has delivered more than 11,000 units to date and currently has a development portfolio of over 26,000 units at various stages of progress and planning as of June 30, 2014.

FENDI villas go on sale at AKOYA by DAMAC

FENDI villa

 

New Delhi: DAMAC Properties has launched sales of the world's first FENDI-styled villas. The 34 properties are located in a private-gated community in the 42 million sq ft AKOYA by DAMAC master development off Umm Suqeim Road in Dubai.

Each unit comes with interior designs and decor from the FENDI Casa range and offers a unique and stylish interpretation of the iconic Italian fashion brand, all of which is uniquely designed by FENDI’s specialist interior designers, to offer a contemporary home for the most prestigious living experience.

The villas, which come with a starting price of AED 36,000,000 and will be ready in Q1 2017, have a prime location overlooking the Trump International Golf Club, Dubai. The villas vary in size from 7,900 sq ft to 16,767 sq ft.
“These exclusive, limited edition, FENDI villas are being designed with only the most stylish and demanding clientele in mind. The creativity and elegance brought to life in the world’s first FENDI villas take pride of place in one of the most desirable locations in AKOYA by DAMAC.

Given the limited number of villas available, combined with the response we have already seen since announcing this project, we expect these one-off, select designs to be very well received,”
said Ziad El Chaar, Managing Director, DAMAC Properties.

FENDI Casa translates the FENDI savoir faire and creativity, as well as its distinctive materials, into elegant objects and cinematic ambiances that are timeless and exceptionally made. Fur is used for the sofas, cushions, carpets; leather on a couch is treated with the same flair as Selleria handmade and numbered bag; marbles, stones, woods are mixed in inventively precious ways. In pure FENDI style, pieces and details are so carefully streamlined. They become instantly iconic, from the Crystal chair to the spectacular Urano bed.

DAMAC Properties has a long-established collaboration with FENDI. The two companies are also collaborating on projects in the Kingdom of Saudi Arabia and Dubai Marina in the UAE.

DAMAC Esclusiva Luxury Serviced Apartments, housed within a 150 metre high tower overlooking the Kingdom Tower in Riyadh, will provide refined luxurious interiors by the Italian fashion house for more than 100 luxury serviced hotel apartments.

The two companies are also partnering on the interiors for private apartments, on the top 40-storeys of DAMAC Heights, which looks out over the Palm Jumeirah.

Established in 2002, DAMAC has delivered almost 10,000 units to date and currently has a development portfolio of over 25,000 units at various stages of progress and planning as of March 31st 2014.

About DAMAC Properties

For over a decade, the real estate portfolio of DAMAC Properties has been at the forefront of the Middle East’s luxury real estate market. With an enduring passion for design and quality, the company has built a reputation for creating some of the most iconic and desirable properties in the UAE, Qatar, Saudi Arabia, Iraq, Jordan and Lebanon.

Established in 2002, DAMAC has delivered almost 10,000 units to date and currently has a development portfolio of over 25,000 units at various stages of progress and planning as of March 31st 2014.

DAMAC sells 300 luxury homes in Dubai in few hours

AKOYA

Who said that there is a global recession in real estate markets? Come to Dubai, where homes are selling like hot cakes. The latest report that luxury home developer DAMAC Properties' project to be launched was sold out in just few hours is testimony to this trend.

Nearly 300 luxury apartments in Loretto, which is located in Downtown AKOYA and overlooks a private park similar to Hyde Park or Central Park, were snapped up during a suhoor (a morning meal during Ramadan) taking place in six venues across the UAE recently.

More than 300 investors, from as far afield as the Kingdom of Saudi Arabia, Qatar, Kuwait, India, Pakistan, Russia and the CIS countries, flocked to venues throughout the country to capitalize on the strength and future growth of the Dubai real estate market, says a Albawaba report.

“Top end luxury living, in the right location, with the right developer, is proving to be as in demand as ever before,” said Ziad El Chaar, Managing Director, DAMAC Properties, adding, “The market remains bullish, with savvy investors from all over the world recognizing the intrinsic investment opportunities that are abound.”

“Despite the scaremongering to the contrary, the Dubai property market remains at the top of its game and is driving great value to smart buyers,” he added.

AKOYA by DAMAC, which was named as the best golf development in the world at the International Property Awards, remains one of the most sought-after developments in the region. Set around the Trump International Golf Club, Dubai, the luxury living experiences include branded villas and mansions by FENDI, Paramount Hotels & Resorts and The Trump Organisation.

The project, which will begin handing over units next year will be fully complete in 2018 and include hotels, hotel apartments, a 1.3km outdoor retail strip, private park, schools and hospitals.

Established in 2002, DAMAC Properties has delivered almost 10,000 units to date and currently has a development portfolio of over 25,000 units at various stages of progress and planning as of March 31st 2014.

Paramount's DAMAC Towers all set to rise in Dubai

New Delhi:  DAMAC Properties, one of the largest residential, leisure and commercial developers in Dubai and the Middle East, has announced the completion of the first major construction phase at DAMAC Towers by Paramount.

The concrete raft has been cast at the US$1 billion project in the Burj Area of Dubai, allowing main construction to begin on all of the four towers.

DAMAC Towers by Paramount passes key construction mark

"This is a critically important phase for the development," said Niall McLoughlin, Senior Vice President, DAMAC Properties. "Now that the full raft has been cast, work can begin on the main floors. As you drive past the project in the coming weeks and months, you will start to see this impressive structure rise from the ground."

More than 19,000 cubic metres of concrete and over 2.2 metric tonnes of reinforced bar were used in the construction of the raft. Work is now underway on the four main 70-storey towers, which will eventually rise 250 metres into the air.

The project includes more than 1,800 units comprising one, two and three bedroom serviced hotel rooms and residences.

The Serviced Hotel residences come fully furnished and fully serviced, with fitted kitchens, valet parking, concierge, housekeeping, in-room beauty treatments and a kids club. In addition, owners can elect to add their residence in the 'rental pool' whilst they are away from Dubai, allowing for rental returns to be generated on the unit - all managed by DAMAC Maison.

The project also includes a Paramount Hotels & Resorts hotel in which investors can purchase a stake in the booming Dubai hospitality market by owning their own hotel room and earning revenue on the unit.

The project also includes a multi-level plaza, offering a selection of themed food & beverage concepts, meeting & events facilities, a screening room, wellness & fitness centres, swimming pools, kids club, retail, and merchandise.

DAMAC Towers by Paramount was the first project announced as part of the collaboration with Paramount Hotels & Resorts(PHR-FZ-LLC). Since then, DAMAC Properties has introduced the Paramount Hotel Jumeirah Waterfront, in addition to the DAMAC Villas by Paramount being developed at the AKOYA by DAMAC master development and DAMAC Tower by Paramount luxury serviced apartments on King Fahd Road in Riyadh, KSA.

"The projects with Paramount Hotels & Resorts have proved to be among the most popular in Dubai, as our clients see the intrinsic value of branded real estate, which is realising values nearly 60% more than non-branded projects in the Burj Area," added McLoughlin. "The consistent construction on the project will only enhance the attractiveness of DAMAC Towers by Paramount to buyers interested in the Burj Area of Dubai."

DAMAC Properties has completed 8,887 units to date and has a further 23,688 units at various stages of progress and planning across the Middle East region.

UAE developer plans to tap Indian investors for Dubai project

DUBAI: Indian developers vying for Gulf NRIs for their project in India may become passé soon as a trend reversal, a Dubai-based real estate developer DAMAC Properties is launching phase two of a USD 1 billion project of luxury hotel and serviced residences to attract investors in India.

Developed by DAMAC Properties in partnership with Paramount Hotel & Resorts (PHR-FZ-LLC), the project ‘DAMAC Towers’ in Dubai will be presented during a road show in Delhi and Mumbai on April 5-6.

DAMAC Towers is being developed on platinum real estate in Dubai overlooking the world's tallest tower Burj Khalifa, according to a report.

It comprises a 540 key Paramount Hotel & Residences and more than 1,000 units of DAMAC Maison - Paramount (Hollywood movie production company) co-branded serviced hotel residences.

"The response we have seen from Indian investors is unprecedented. Indians have a deep-seated love of movies and our partnership with one of the most established movie houses in Hollywood has proved a big draw.

"Indian investors make up a huge percentage of our loyal client base and they recognise the intrinsic value of this unique project," Ziad El Chaar, Managing Director, DAMAC Properties, told TOI.

The one, two and three bedroom serviced hotel residences will be managed by DAMAC Maison, the hospitality division of DAMAC Properties. Serviced Hotel residences will feature fully-fitted kitchens and services that also include valet parking, concierge, housekeeping, in-room beauty treatments and 24-hour kids club.

In addition, owners can elect to add their residence in the 'rental pool' while they are away, allowing for rental returns to be generated. DAMAC Properties has completed 37 buildings to date with 7,817 units and spanning 13,945,299 sq feet.

Indians are top investors in Dubai property market

New Delhi: While a bevy of leading Indian builders are camping in Gulf region to tap the NRI money for their projects back home, Indian expatriates have different idea to execute – investing their wealth in property markets back in Gulf region not only for better returns, but for tax benefits, attractive prices and geographical proximity. 

According to a latest report Indians are among the top investors in Dubai's property market, which is expected to grow 10-12 percent this year.

"Expatriates, mainly from India, Russia and Saudi Arabia, are leading the growth. Indians are among the top five investors in Dubai's property market," Ziad El Chaar, managing director of Dubai-based Damac Properties, told IANS here.  He said Dubai's real estate sector witnessed around 10 per cent growth in 2012 and this was likely to further accelerate this year.  The situation is not very different in other areas in Soudi Arabia, Qatar, etc.

Dubai's property market crashed in 2008-09 due to liquidity problems arising out of the global financial and economic crisis. The market witnessed negative or zero growth between 2008 and 2011.

"The liquidity situation has improved and the perception is also changing. People are now bullish on the real estate market. The good thing is that we are witnessing organic growth. Real investors are coming into the market," Chaar said in a telephonic interview from Dubai.

According to data compiled by Saudi Arabia-based Samba Financial Group, prices of mid-range villas and apartments in Dubai increased by 20-30 percent in January year-on-year.

"Increasing evidence is emerging that the property market in the UAE, and Dubai in particular, has bottomed out and that a strong recovery is apparent in certain segments," the Samba Financial Group said in its monthly bulletin.

Strong demand for recently launched projects indicate the recovery in the sector.

The first phase of Damac Properties' $1 billion Damac Towers by Paramount project was sold out on launch day itself. The project, located close to Burj Khalifa, the world's tallest building, is expected to be ready by the end of 2015.

"This is the biggest real estate project in Dubai since the 2008 crisis. The response indicates a strong demand in the sector," the Damac Properties MD said.

He said Indian expatriates, as well as residents, have booked a large number of properties in Damac projects. "Indians are among the top five investors in Damac as well as in other projects," he said.

Chaar said Indian investors were buying properties in Dubai because of tax benefits, attractive prices and geographical proximity.

Dubai's largest real estate developer, Emaar, recently claimed that its luxury project - The Address The BLVD - located in the downtown area, was sold out within 24 hours.