In response to increased customer demand, DAMAC Properties, the region’s largest private luxury developer in the Middle East, is launching a new concept of luxury hotel living to the Burj Area of Dubai, with the launch of ‘Privé by DAMAC’.
On sale from Saturday the 21st September, the stylish twin tower development is one of the last remaining plots located directly on the waterfront in the Burj Area with all hotel apartments having direct views over water.
The AED1.35 billion, 30 storey twin project is located on over 100 metres of direct waterside frontage and will features luxurious studios as well as one and two bedroom serviced hotel apartments each offering stunning views across the Waterfront. Scheduled for completion in Q3, 2016, Privé by DAMAC offers a real estate choice and access to the pulsating heart of new Dubai to buyers looking for a solid investment.
Demand is outstripping supply in Dubai’s hotel sector, resulting in DAMAC Properties launch of this new luxury serviced hotel apartments to cater to the growing number of international investors returning to the market.
According to latest data released by STR Global, Dubai’s hospitality sector witnessed increases in supply (5.81 percent) and demand (30.4 percent) while occupancy rose 23.3 percent to 72.6 percent.
Managed by DAMAC Maison, Privé by DAMAC comes complete with all of the luxury services expected in a five-star hotel, including a luxurious spa, high-end restaurants, stunning lobby areas with meeting space, a kids club & baby-sitting service with dedicated and qualified staff, and fully-fitted kitchens throughout.
“Privé by DAMAC are iconic towers, with fully serviced amenities. It’s one of the last prime property spots left in the Burj Area and the concept was specifically developed to create an exclusive, private space,” said Ziad El Chaar, Managing Director, DAMAC Properties.
“From its excellent location and accessibility to the cosmopolitan lifestyle it affords, those who enjoy Dubai’s vibrant city atmosphere will feel completely at home in Privé by DAMAC,” added El Chaar.
“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,” added El Chaar. ‘’We are introducing this product to the market on Saturday the 21st September and we expect them to sell quickly on the back of our customer demand.’’
The STR Global report also said hotels reported a 8.7 percent increase in average daily rate to AED753.16 and a 34 percent rise in revenue per available room to AED546.61.
Investors in Privé by DAMAC can add their units to the ‘rental pool’ service, to capitalise on the potentially impressive rental returns that are available in the market.
Offering panoramic water views across the creek in the Burj Area, Privé by DAMAC is located close to the world’s tallest tower and just two minutes from the city’s elite business district, DIFC, a world-class shopping complex, five-star international restaurants, unrivalled nightlife, up market art galleries as well easy access to Dubai International Airport, the Meydan Race Course and other exclusive Dubai destinations.
Privé by DAMAC combines the finesse of a luxury hotel experience with privacy and exclusivity. Each unit comes ready to move into for the ultimate in ease and convenience.
‘’Owners can enjoy a premium luxury lifestyle when they are living in their apartments and excellent returns when they are not, due to our unique rental pool option managed by our hospitality division,” continued El Chaar.
In addition, a well-connected concierge will allow residents access to the best tables in the city’s top restaurants, seamless bookings of stretch limousines, arranging of personal shopper services and more, allowing them to entertain easily and make the most of their time after a hard day at work. A gym, pool, Jacuzzi, steam room, sauna, male and female health clubs on property offers additional relaxation options.
DAMAC Properties has completed 8,887 units to date spanning 9.1 million sq. ft. It also has a further 23,788 units at various stages of progress and planning across the Middle East region covering 28.6 million sq. ft.
In October 2011, DAMAC Properties launched its hospitality division, DAMAC Maison, which will provide bespoke services to residents in 7,351 serviced hotel apartments by the end of 2016. This will position the company as one of the largest Hotel Apartment operators and developers in the world.