Following ‘Unprecedented’ Response at ATM, DAMAC Properties Brings tower at Capital Bay to Market Earlier than Anticipated
DAMAC Properties has announced the launch of its first serviced hotel apartment project in the Business Bay of Dubai to be managed by its new operations brand, NAIA by DAMAC.
Hot on the heels of the launch announcement of NAIA by DAMAC – a leading serviced hotel apartment’s operator in Dubai – the company has released the next phase of Capital Bay – a 16-storey tower in the central business district of the emirate.
The 131 unit project comprises a mix of studios, one-, two- and three-bedroom serviced apartments, offering access to the heart and soul of the city.
Construction at this phase of Capital Bay will begin next month, with pre-launch prices starting at AED 1,032,000 available from this morning at all DAMAC Properties sales offices. The project will be completed in Q4 2016.
NAIA by DAMAC projects provide visitors with spacious and convenient units, connected to the urban space of the emirate. Each NAIA by DAMAC unit comes complete with a fully-fitted kitchen and maid services, with access to a restaurant, kids club and swimming pool. NAIA by DAMAC is perfectly designed for those with a free-spirit; visitors to Dubai seeking adventure.
“We have seen an unprecedented response to NAIA by DAMAC during the first couple of days of ATM,” said Niall McLoughlin, Senior Vice President, DAMAC Properties. “With Dubai projected to be the most visited city in the world in the next few years, there is a huge focus on the industry, and particularly on what luxury developers are preparing to offer the influx of tourists.”
“Given the level of interest, we have decided to bring this tower at Capital Bay to market straight away, and present our first project which will be managed by NAIA by DAMAC is in the sought-after Business Bay Area "he added.
The latest statistics, issued by global real estate services firm Jones Lang LaSalle this week certainly support the predicted growth in hotel occupancy and rates in the coming years. The company’s Dubai Hotel Industry outlook stated that: ‘The positive trend in tourism is expected to continue in coming years due to Dubai’s increasing global popularity as a destination backed by the government’s pro-tourism initiatives. RevPAR is expected to continue growing in the resort areas and CBD.’
The report added that hotel trading performance in 2013 saw 79.6% occupancy with a RevPar of US$ 198 and an ADR of US$244, some of the highest numbers in the region.
NAIA by DAMAC operates a rental pool model allowing customers to add their unit into management programme to gain all the benefits of rental income, without the hassle of needing to source tenants. NAIA by DAMAC’s experienced team will market the project, source the occupants and manage all day-to-day operations similar to that of a high-end hotel.
Other projects under the NAIA by DAMAC brand include NAIA Downtown AKOYA, NAIA Miracle Garden, NAIA Dubai World Central, NAIA Jumeirah Village, NAIA Business Bay, and NAIA Al Maktoum Airport Street, giving a total of more than 3,800 units under development.
Full details and floor plans are available to view at DAMAC Properties’ stand at the Arabian Travel Market, which runs until 8 May 2014 at Dubai World Trade Centre. DAMAC Properties will be exhibiting at stand HC5560 in the Sheikh Saeed Arena.