DAMAC Launches $367M Luxury Hotel Living Project in Downtown Dubai
By Gabriel Circiog, Associate Editor
Locally-based developer DAMAC Properties is launching a new AED 1.35 billion (approximately $367 million) luxury hotel living project in the Burj Area of Dubai. The 30-story development dubbed as Privé by DAMAC, is located on 328 feet of direct waterside frontage and will feature luxurious studios, one and two-bedroom serviced hotel apartments, offering spectacular panoramic views across the waterfront.
Situated in the emirate’s downtown district, the project is scheduled to be completed in the third quarter of 2016. Privé by DAMAC will be managed by DAMAC Maison, a hospitality division launched by DAMAC Properties in 2011, and will offer all the luxury services expected in a five-star hotel. The twin tower development will feature numerous amenities such as a luxury spa, numerous lobby areas with meeting space, high-end restaurants and a kids club & babysitting service.
“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 at 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.”
According to the most recent report released by STR Global, Dubai’s hospitality sector has seen a 5.81 percent increase in supply and a 30.4 percent surge in demand. Occupancy increased by 23.3 percent, reaching 72.6 percent.
“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 of September and we expect them to sell quickly on the back of our customer demand.’’
According to the STR Global data, an 8.7 percent increase in average daily rate, as well as a 34 percent increase in revenue per available room, has been reported by hotels. The developer expects investors to invest in Privé by DAMAC and capitalize on the potentially impressive rental returns in this growing market.
With 8,887 units completed to date and with a further 23,788 units at various stages of progress across the Middle East region, DAMAC Properties is continuously expanding its portfolio. Privé by DAMAC joins another two projects launched earlier this year by DAMAC Properties in Dubai: the $1 billion DAMAC Towers by Paramount and the sea-front hospitality project in Dubai Maritime City.