Dubai real estate firm DAMAC Properties on Wednesday launched the first phase of sales its Akoya development, with prices starting from AED2.4m ($650,000).
DAMAC has released 205 luxury villas onto the market at the 28m sqft master development, which is located off Umm Suqeim Road and features a Donald Trump-branded 18-hole PGA Championship golf course.
Handover for the project is slated for March 2015.
“This project will prove to be the ideal destination for our elite customers, who are on the lookout for opportunities to experience elegant, modern living in Dubai in an atmosphere of exceptional luxury and excellence,” Ziad El Chaar, managing director, DAMAC Properties.
“Funding is allocated and RERA has signed off on our bank guarantees – we are moving full steam ahead,” he added.
El Chaar said that DAMAC made full payment on the plots of land for phase one, while an Escrow account had been opened for infrastructure and construction payments.
Last month, El Chaar told Arabian Business that Akoya “deserves to become the Beverly Hills of Dubai”.
El Chaar said it would be built in at least 10 stages but it would be completed within ten years.
The development also includes a boutique hotel and international schools, as well as retail brands, leisure and entertainment offerings, a sports complex.
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