Dubai-based DAMAC Properties makes foray into US real estate market with ultra-luxurious CAVALLI branded Miami condos
Dubai, UAE & Miami Florida, May 27, 2022: UAE-based DAMAC Properties has announced that it has won the US $120 million bid to acquire land in the upscale Miami neighbourhood of Surfside. The Dubai-based developer plans to build an ultra-luxurious, CAVALLI branded condominium project.
The property, on Collins Avenue, offers residents 200 feet of direct beach frontage and access to South Beach and Bal Harbour. The land, comprising 1.8 acres, was sold to DAMAC for $120 million through the court process.
Commenting on the purchase, DAMAC Chairman and Founder, Hussain Sajwani, said: “DAMAC Properties has long been eyeing development opportunities in Miami. We see the city, which is known for being a luxury and fashion centre, as a natural fit for our Company, which has an established reputation for its branded luxury offerings.”
Surfside, in recent years, has become a hotspot for ultra-luxury condominium developments, including the Four Seasons Private Residences, the Fendi Chateau Residences, and the Arte Surfside buildings.
The town also has a collection of high-end hotels, including the Four Seasons, the St. Regis Bal Harbour, and the Ritz-Carlton Bal Harbour and its primary shopping area, the Bal Harbour Shops, is known throughout Miami as a luxury shopping destination.
DAMAC Properties, known for its luxury real estate offerings both regionally and globally, is rapidly expanding its global footprint such as its flagship project in Europe — DAMAC Towers Nine Elms in the prestigious Zone 1 district of London with Versace interiors.
The Surfside project will be DAMAC’s first in the United States.
The Company’s consistent success over the years, and more recently on the tailwinds of Dubai’s stellar economic performance and forecast, has propelled it to eye various global opportunities for development and growth.
It is developing a luxury resort in the Maldives to be operated by global hotel brand Mandarin International and has already projects in Canada, the UK and across the Middle East.
In 2021, DAMAC Properties launched two projects in Dubai, DAMAC Lagoons, the developer’s third master community in Dubai, and Cavalli Tower, an ultra-luxurious 70-storey tower overlooking Palm Jumeirah, with Cavalli-branded interiors. Both projects have seen great customer interest and demand.
“Our global expansion into the United States marks a major milestone and demonstrates that DAMAC is a force to be reckoned with. This is an exciting time, and we have a lot in store,” Sajwani said.
"We are rapidly growing, not only in our real estate endeavors but in various sectors such as fashion, hospitality and even emerging industries such as the Metaverse, NFTs and data centres. This enables us to stay ahead of the curve,” he concluded.
DAMAC Properties has been at the forefront of the Middle East's luxury real estate market since 2002, delivering award-winning residential, commercial and leisure properties across the region, including the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Iraq, the Maldives, Canada, as well as the United Kingdom.
Since then, the company has delivered approximately 39,400 homes. Joining forces with some of the world’s most eminent fashion and lifestyle brands, DAMAC has brought new and exciting living concepts to the market in collaborations that include a golf course by The Trump Organization, and luxury homes in association with Versace, Cavalli, Just Cavalli, de Grisogono, Rotana, Paramount Hotels & Resorts, Rotana and Radisson Hotel Group. With a consistent vision, and strong momentum, DAMAC Properties is building the next generation of Middle Eastern luxury living.
DAMAC places a great emphasis on philanthropy and corporate social responsibility. The Hussain Sajwani – DAMAC Foundation, a joint initiative between DAMAC Group and Hussain Sajwani, recently announced the launch of ‘Fresh Slate’ in collaboration with the Dubai Police General Headquarters aimed at aiding detainees in Dubai’s Punitive and Correctional Institutions who have been charged for petty offences.
The HSDF has also pledged Dh5 million for the 1 Billion Meals initiative launched by Sheikh Mohammed at the start of Ramadan 2022, aimed at providing meals to underprivileged communities in 50 countries across the world.
DAMAC also supported the vision of Vice President and Prime Minister of the UAE, and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum to train one million Arab coders in creating an empowered society through learning and skills development, an initiative the successfully wrapped up in May 2022.
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For more information, please contact: Corporate Communications, DAMAC Properties: Tel: +971 4 373 2197 │Email: firstname.lastname@example.org