Damac mega project will be Dubai Beverly Hills

Dubai developer says its new Akoya project will be built in 10 stages, completed within 10 years

Damac managing director Ziad El Chaar.

Damac managing director Ziad El Chaar.

Luxury Middle East developer Damac Properties says its new master plan development centred around a golf course “deserves to become the Beverly Hills of Dubai”.

Located near Arabian Ranches and Dubai Polo and Equestrian Club, Akoya by Damac will include high class villas, townhouses and amenities, as well as an 18-hole PGA Championship golf course, to be named Trump International Golf Club, after the eccentric US businessman.

The Dubai-based developer said construction already had started and the course - spread across 6588 metres and with a par of 71 - would be ready for play next year.

Damac managing director Ziad El Chaar said the $2.5bn development over 28,000 square metres would become one of the most sought after areas to live in Dubai.

“Because of the location we thought that it deserves to be the Beverly Hills of Dubai,” he said.

“It’s going to have distinctive styling and architecture. It’s going to have different styles for the villas - it won’t have your collection of similar styles - and it’s going to be overlooking the best golf course in Dubai.”

El Chaar said it would be built in at least 10 stages but it would be completed within 10 years.

The timeframe is more ambitious than other major developments in Dubai. The first phase of the mammoth Mohammed bin Rashid City – which will include the world's biggest shopping mall, more than 100 hotels, a Universal Studios franchise and a public park larger than Hyde Park – will not be completed for seven years, according to the head of one of the developers involved in the project.

El Chaar said Damac hoped some of the residences in Akoya would be designed by its existing partners, fashion houses Fendi and Versace.

“We now have a number of tie-ups - with Fendi, with Versace, with [movie-makers] Paramount. We will try to leverage our relationships with those partners in most of the projects [in the master development],” El Chaar said.

“It’s still a bit early to say [specifically] ... but we are always trying to expand our partnerships with our existing partners.”

It is the first time the developer has partnered with The Trump Organisation, which has scrapped plans to build a skyscraper hotel on Palm Jumeirah with master developer, Nakheel.

El Chaar said the emirate had become a key golfing destination and another international standard course was needed.

“Golf is in demand in Dubai and Dubai is now featured in the top 10 destinations for golf around the globe,” he said.

“Dubai is now featured as one of the areas which is a target for golf tourists. So ... having a premium golf course in Dubai is a natural evolution.”

El Chaar defended the firm’s decision to use the Trump branding rather than linking up with a famed golfer, such as Tiger Woods, who has lent his name to the stalled golf course that was being built in Dubailand.

“Internationally, golfers would like very much to be part of a Trump golf course because if you subscribe to one Trump golf club you automatically become a member in the other Trump golf clubs, also,” El Chaar said.

“The tie-up between Damac and Trump is a luxury tie-up, because The Trump Organisation has been providing luxury developments in all aspects, in residential, in commercial, in hotels and in golf. I think they are the only company in the world that specialises in premium golf courses.

“Usually the other golf courses are tied-up with a golf player [and the course] is just about the golf, than the premium-ness of the course and the golf club and the facilities and the services we’re able to give the members at this golf club.”

Akoya by Damac is the developer’s fifth major project announced already this year. It also is on the verge of confirming a second Damac by Paramount hotel in Riyadh.

El Chaar said the company had sufficient liquidity to fund its projects but it may soon seek investment from banks. An IPO also had not been ruled out.

“We have not started this but we may be tying up with some banks,” he said.

“[For] a company of our size, [an IPO] is one of the roots for us to grow and have opportunities. This is always on the table for a company of our size.”

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

NOTE: Comments posted on arabianbusiness.com may be printed in the magazine Arabian Business

Please post responsibly. Commenter Rules

Posted by: Becky Colt

Seriously, who in their right mind would fall for this bogus from Damac and poor quality, different finished sizes, etc.. Who ever falls for this deserves to loose their money..

Sorry, but look at the past..

Posted by: Billy

Oh no....here we go again. I only hope the investors have longer memories than the developers seem to have. How many big name developments have never happened despite all the blah blah....Tiger Woods for example.When will they ever learn.....

Posted by: Joseph

@billy, Becky colt,Sam. We obviously know you are commenting from a competitor angle. Damac will be and continue to be the leading luxury developer here in Dubai and Middle East at large. You are not the type of people Damac is looking for, you are poor and can't afford what Damac is offering. They are looking for the right people,the right investors that understands the word "luxury". Luxury is not for free, you got to pay for it of which you don't fall in that class. Go get a life with your cheap propaganda because it will lead you nowhere.

Posted by: sam

Given Damac's dubious record of on-time deliveries ,poor construction, and sketchy customer service, it will be a challenge to upend Emirates Hills and Al Barari as the most exclusive neighborhoods in Dubai.

All comments are subject to approval before appearing

Further reading

Features & Analysis
Trading bricks: The growing popularity of real estate investment trusts in the Gulf

Trading bricks: The growing popularity of real estate investment trusts in the Gulf

Investor interest in real estate investment trusts (REITs) has...

Abu Dhabi real estate: Down, but not out

Abu Dhabi real estate: Down, but not out

While there has been evidence of rents in the richest emirate...

Forgotten fees: the challenge of investing in Dubai property

Forgotten fees: the challenge of investing in Dubai property

Investors attracted to low service charges at some Dubai residential...

Most Discussed