Damac continues their fine form with plans to open two luxury hotels this Summer and construct a 2000 room hotel overlooking the Trump Golf Course
Master developers Damac Properties renowned for its high quality properties for sale in Dubai have announced plans to open two ultra-luxurious hotels in the coming months and construct a five-star hotel overlooking the Trump golf course.
In 2016 Damac Properties delivered approximately 17,900 homes, and reported a net profit of 3.69 billion UAE dirhams ($1 billion), the company has a development portfolio of over 44,000 units at various phases of progress and is about to add a few more high-end hotels to its impressive list of achievements.
Damac Maison – Bay’s Edge
The first property,opening in May is the lavish 250 roomed Damac Maison Bay’s Edge located in Business Bay will provide an unrivalled luxurious service and experience.
Consisting of 22 floors, the hotel offers consumers spacious deluxe one, two and three bedroom suites. The luxurious hotel promises to provide the seamless balance of business, entertainment andlei sure and offers complimentary shuttle bus services to Dubai’s key attractions.
The unique selling point is its courtyard in which there is a temperature-controlled swimming pool and shaded outdoor kid’s pool and play areas. Additionally, the gym located on the same floor is equipped with high-tech machines and separate ladies and gentleman’s wellness areas, each containing a jacuzzi, sauna, steam room, showers, lockers and changing rooms.
Damac Maison Royale – The Distinction
In June the five-star ultra-luxury hotel ‘The Distinction’ which will be operated by Damac’s premium brand Damac Maison Royale will be opened. Located in Downtown Dubai the hotel will contain 305 rooms spread across its 52 floors. The fully serviced deluxe rooms come as one, two and three bedroom suites all of which will be complimented by a full kitchen. The hotel’s features include a spa, health club, recreational facilities, a kids club and a Casper &Gambini’srestaurant whichwill offer the finest international cuisines and culinary delights.
Unveiled at last month’s Arabian Travel Market exhibition Damac Properties announced plans to build a five tower hotel containing 2000 rooms overlooking it’s planned Trump registered golf course at Akoya Oxygen.
The hotel is expected to be completed in 2021, the designs have been approved, Escrow accounts have been set up and sales of units have on track. The hotel is currently marketed to investors as off-plan investments, according to Damac’s website hotel room units are available to purchase at Dh395,000, payable over five years.
The prospect of selling off individual rooms to investors is a relatively new concept in the UAE, while existing hotels are often owned by private investors who rarely reveal the values they paid for the properties.
In 2016, Damac sold freehold hotel rooms in its Aykon City development for Dh800,000, suggesting that they would deliver an projected 10 per cent return on investment. In the current market this would provide similar yield returns to studio flats in silicone Oasis (11 per cent) or studio properties to purchase in Dubai Sports City (10 per cent).