Damac begins handover of Dubai's The Signature

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Damac managing director Ziad El Chaar has said that it has begun the handover of units at its 50-storey The Signature tower in Downtown Dubai.

The project, which topped out in March, was designed by German architect Koschany & Zimmer, has been built by contractor Sun Engineering, which also carried out the MEP works.

"Customers can move in as of July 1," said El Chaar.

It is Damac's first project where it is offering fully serviced apartments though its own in-house hospitality brand, Damac Maison.

El Chaar said that this had proved popular, with just two out of the building's 330 units remaining for sale - both of which are penthouses.

"In a way, we’d like to keep those two units until completion. Each comes with its own pool, overlooking the Dubai Gountain and the Burj Khalifa."

The penthouses each have around 3,500 sq ft of internal space but also three-sided terraces featuring pools and jacuzzis which add another 2,000 sq ft.

El Chaar said the units had proved popular with buyers from nearby destinations like India and Saudi Arabia where wealthy customers often buy second homes.

"Demand never crashed in Dubai. Liquidity crashed, projects crashed, but the demand remained.

"On Wednesday night, it’s impossible to find a plane seat from most of the big cities in Saudi Arabia to Dubai. And the same thing happens on Saturday morning flying into Saudi.

"In India – at least from Mumbai and Delhi – it’s impossible to find a seat to Dubai considering you have so many flights.

"This shows that you have a big number of people who just come here for the weekend and have their own places.

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