Dubai's Damac launches first project since 2008

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An artist's impression of Damac's The Distinction.

An artist's impression of Damac's The Distinction.

Damac Properties on Saturday announced its first major new product launch since 2008, with 295 premium serviced hotel apartments in the Burj area of Dubai.

The Distinction will be a 195 metre, 53-storey tower with views of the fountain, mall and the Burj Khalifa, the world's largest tower.

The developer said in a statement that the launch was on the back of "improved market sentiment" in the emirate.

It added that The Distinction will "serve the very top top-end luxury sector of the emirate's real estate market".

Dubai is in the grip of a new era of real estate expansion following the announcement of the multi-billion dollar Mohammed Bin Rashid City.

"Luxury projects in prime locations are driving the UAE property resurgence and The Distinction will provide the quality of finish and service expected at this end of the market," said Niall McLoughlin, senior vice president, Damac Properties.

"The serviced hotel apartments at The Distinction will offer the highest levels of customer service, luxury and opulence placing it among the premium products Damac Properties has on the market today."

Main contractor, ANC Contracting, has already started work on the project, which is set for completion in the first quarter of 2015 and will be a mix of studios, one, two, three and four-bedroom penthouses.

The company launched sales of the project from its offices at Ocean Heights in Dubai Marina and at Park Towers in the Dubai International Financial Centre (DIFC) on Saturday.

Damac has so far completed 37 buildings across the UAE, with 7,817 units and nearly 14,000,000 sq ft of space.

McLoughlin added: "In Dubai there remains a strong desire for the very best, and this, combined with an improving economy and limited availability of high-end luxury developments, is driving the demand. We are anticipating a high level of interest in The Distinction."

The tower will include a luxury spa, a gymnasium and swimming pool.

Hotel Serviced Apartments are a relatively new concept to the Dubai market, offering five-star concierge services.

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Please post responsibly. Commenter Rules

Posted by: Paul King

Red Snappa....stop being so sensible, honest and realistic!

Posted by: Francis

Red Snappa, get over yourself.

Dubai has bills to pay indeed, but i don't seem to recall any haircuts requested by any of Dubai's government owned entities; only an extension to deadlines (with interest, mind you).

Its true there are outstanding debts to be paid (although I personally disagree with that view, as these were not debts but actual investments and in an investment, you either win or you lose, its not a guarantee). These debts, which are due to mature in the next few years, will be paid how? Dubai has no oil of its own, it makes money through fees and taxes. How do you collect more fees? By having more people live in Dubai and use its facilities. How do you do that? By creating an environment for investments. By allowing more real estate projects to start; this will require people to design, build and maintain them, which means more people living here, using more services, generating more cash flow for Dubai, increasing its revenues, etc etc.

Stop being so negative.

Posted by: Telcoguy

@Francis either you are very naive very dishonest.
First check Nakheel story. If Nakheel is part of Dubai Government or not is an interesting question on itself.
Second, your view on what is debt or not is not relevant. Some people are shareholders as such they the success or fail of the venture. Others are bondholders, and they are entitled to repayment does not matter what happens to the venture. This is simplified and we do not look at convertibles, mezzanine or other things.
Finally, if you think that the way forward is to create a real estate bubble, then I have to assume that you either have no memory, no knowledge, or you have a vested interest in the RE industry that you should disclose before preaching to other people.
Have fun

Posted by: realiste

everyone has to pay bills Francis.
Some go about it morally, others legally and some not at all.

Putting your head in the sand wont make life anything less realistic though, nor the bills due any less either.

Thankfully some are realistic enough. But in your rose coloured lens world that is negative.
I prefer the real world. If you had been hit badly, so would you.

Posted by: Anonymous

I see a few stalled projects in Business Bay. What's the story with those?

Posted by: Sheela

Look into Schon Properties , dubai lagoon . we been waiting for 8 years for our apartments !!

Posted by: Red Snappa

And the merry-go-round starts once more, launch too much at your peril, I say. The slimmest of recoveries, and at that focused on villas in the main and we're building apartments left, right and centre again! Who actually advises developers that this is a good idea or rather who gets PAID for advising developers that this is a good idea?

Late 2015/ 2016 but not now, there are huge economic problems lurking elsewhere in the world, just waiting to bite the local economy. Just remember, there are still a huge number of bankers bills to repay over the next few years which offset any improvement in revenues, just a tad! - and in the meantime there's the cost of keeping the whole fudamental infrastructure going, which is rising again!

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