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Damac investing Dh2b in Dubai and Saudi

Projects to be sold to VIP clients by invitation only

Gulf News

Dubai: Damac Properties on Sunday launched two self-funded mega-projects in Dubai and Saudi worth over Dh2 billion in Fendi-branded luxury apartments.

The 800m riyals Damac Esclusiva project includes 100 luxury serviced apartments in Riyadh located in a 150-meter tower overlooking the Kingdom Tower on King Fahad road, Ziad El Chaar, Damac’s managing director, said at a press conference. The apartments will be sold by invitation and pre-approval to a limited number of VIPs only.

The Dh1.2 b Damac Residenze project features exclusive private apartments that will occupy the top 40 floors of a 335-meter tower in Dubai Marina, over looking the Palm Jumeirah, El Chaar said. It was put on offer Sunday morning..

A Damac Residenze apartment will cost about Dh30,000 per square meter and a Damac Esclusiva apartment goes for 30,000 riyals per square meter, he said.

The interior design of the apartments at both towers are by famous Italian designer Fendi and are furnished by Fendi Casa collection.

Branded apartments such as these could cost about 20 per cent more than the regular ones, El Chaar said.

Both projects are scheduled to be completed by 2016 and currently 20 percent of the construction is completed on each, he said.

“We launched the project when construction started... It’s the days of suits and hard hats, not just beautiful suits and announcements,” said El Chaar, donning a construction hard hat during his presentation.

Arabtec is the main contractor on the Dubai Marina project and Al Hashim is the substructure contractor on the Riyadh project, he said, adding that the main contractor will be announced later.

In Riyadh, Damac is targeting young, wealthy Saudis and visitors who can rent their apartments for a “decent return” in the months they are not living there, El Chaar said.

In Dubai, the developer is eyeing customers from CIS countries, India and Saudi, he said.

Damac will fund the project from its own equity and proceeds from off-plan customers, El Chaar said, adding that they would not have introduced the project if the market was not ready.

The Dubai property market is making a come back with the luxury segment leading the way, after showing 20 per cent growth in the last 12 months, said Hussain Sajwani, Damac’s chairman.

The Damac Esclusiva and Damac Residenze apartments will be operated by the Damac Hospitality division.

Damac has 4,000 service apartments under construction, Sajwani said.

Carla Fendi, honorary president of Fendi, and Giorgio Starace, Italian ambassador to the UAE were also present at the event.