Developer says luxury residential project to be completed by Q3 2016; off plan sales to start this month
Dubai developer DAMAC Properties will launch an AED1.35bn ($367m) luxury residential project in the emirate’s Downtown district.
The 30 storey development, known as ‘Prive by DAMAC’, will be located in the vicinity of the Burj Khalifa and will include studios, one- and two-bedroom service hotel apartments.
The firm said that it is due for completion in the third quarter of 2016, with off-plan sales to start on September 21.
“As prices continue to rise in Dubai, it is a great time for investors looking for healthy returns – luxury serviced living is proving time and again to be the driving force of the real estate market. Fully-finished and serviced hotel apartment units in prime locations allow these investors to truly enjoy their assets,” commented DAMAC managing director Ziad El Chaar.
DAMAC, one of the property developers worst hit by Dubai’s financial crisis of 2008-2009 when a number of its projects stalled or cancelled, has launched several new developments this year on a back of a resurgence in the emirate’s housing market.
Earlier this year it announced its Akoya by DAMAC development, which will include a gold course designed by flamboyant US business magnate Donald Trump.
The residences will each have views of the golf course, the first in Asia by Trump’s Trump International. Akoya by DAMAC is the company’s largest development to date, spanning 28m square feet off Umm Sequim Road.
The land has already been bought from Dubailand but no timeline for construction has been announced.
DAMAC, which says it is the largest luxury developer in the Middle East, is also building two mixed-use developments in partnership with movie producer Paramount.
Following the 2008-2009 financial crisis which saw Dubai property prices tumble by up to 60 percent, the emirate’s real estate market has experienced something of a rebound this year.
Some estimates suggest that real estate prices in prime areas in Dubai have risen by up to 30 percent in 2013 to date.
A report by Fitch earlier this month said that Dubai's real estate rebound will continue well into next year.
The ratings agency said the emirate's prime property sector is set up for a "strong 2014" following a vibrant 2013.
However, it added that there was still some uncertainty for the market including Middle East instability, Dubai's bid for the World Expo 2020 and the impact of major new real estate projects that are in the pipeline.