DAMAC Properties’ business model is based on a phased strategy of ‘Buy’, ‘Design’, ‘Sell’ and ‘Build’, supported by constant customer care and close control over the development process to ensure each property is of the highest quality possible.
The BUY phase
In this phase, DAMAC Properties actively seeks to purchase land in prime locations. When selecting land, the development team considers a number of factors, including its location, whether it has scenic views, its proximity to amenities, the infrastructure availability and its potential investment appreciation opportunities.
The DESIGN phase
Once the Company has secured development rights and has contracted to purchase land for a particular development, the design phase begins. The objective of this phase is to create a development design that represents DAMAC Properties’ luxury brand and optimises the commercial viability of the development.
DAMAC Properties’ developments have been recognised for their iconic designs. A few of the 50+ awards the Company has received include:
Construction Week Awards 2016
- Tower Project of the Year – DAMAC Towers by Paramount Hotels & Resorts Dubai
Arabian Property Awards: Best in Dubai 2016
- Best Hotel Architecture – AYKON City
Forbes Middle East – Top Real Estate Company in the Arab World 2016
International Property Awards: World’s Best 2015
- Best Hotel Interior for Paramount Tower Hotel & Residences Dubai
- Best Golf Course development for the Tiger Woods designed golf course at AKOYA Oxygen
Gulf Business Industry Awards 2014 – Real Estate Company of the Year
The SELL phase
During the ‘Sell’ phase, DAMAC Properties contracts to sell a certain proportion of the units in the development to customers ‘off-plan’, in managed stages, following its launch to the public.
From the first expression of interest from a potential customer, the Company implements its customer relationship management process. DAMAC Properties has dedicated sales offices supporting customers’ needs. For example, it provides potential customers with ‘3D walk-throughs’ and model apartments in order to give them tangible ‘living experiences’ of products. It also undertakes extensive roadshows in countries in which the Company has no sales offices.
The BUILD phase
The final phase of the Company’s business model is the ‘Build’ phase. Construction is provided by external contractors in two phases:
- An initial contract for enabling works
- A subsequent contract for the main works
Project execution and management
The Company’s project execution and management relies on a two-pronged approach of:
- Outsourcing project design and construction to external contractors
- Maintaining a highly qualified team of internal engineers, architects and design professionals, who are intensely involved with the entire design and construction process