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Wed 18 Sep 2013 01:59 PM

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Dubai's DAMAC to launch $370m Downtown project

Developer says luxury residential project to be completed by Q3 2016; off plan sales to start this month

Dubai's DAMAC to launch $370m Downtown project

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.

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Zahid 6 years ago

Damac should first try to complete its stalled projects before launching new projects. I bought an apartment in early 2007 in one of the off plan Damac projects and till now there are no news when exactly it will be completed.

Wlieldin Ahmed 6 years ago

Mr. Zahid, please drop me a line and I will update you accordingly, are you in touch with anyone in specific.

David Chaddock 6 years ago

Fox Hills in Lusail Qatar anyone? Another "off-plan" development sold in 2006 --and still in construction. Site access and ground broken in mid 2009. The buildings, which are up and painted, don't look anything like the artists impressions provided with the sales pitch. There was a show flat promised -- but none is available. Requests to visit the site are refused. Apart from updates (a few photos of the exteriors) on the DAMAC website which are only recently being sent by mail in hard copy, there is zero information on progress or when the property is likely to be completed.
Mr. Wlieldin, I will take up your offer to Mr Zahid and email you directly.

Amin Mohammad Sargana 6 years ago

Old investors shall remain reluctant to invest in any new property till the time fate of their earlier invested projects is decided by dubai Land Department.