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05 March 2024

Where will ‘Beverly Hills’ of Dubai come up?

By Parag Deulgaonkar

Dubai-based Damac Properties plans to develop its $2.5-billion “Akoya by Damac” master development in Dubailand to resemble Beverly Hills, a senior company executive told Emirates 24/7.

“We are planning to develop this master plan to be the Beverly Hills of Dubai… you have important communities around this area [Akoya] but we plan to build this as Beverly Hills,” said Ziad El Chaar, Managing Director, Damac Properties.

On Sunday, the developer announced a tie up with The Trump Organization to build Trump International Golf Club, an 18-hole PGA Championship Golf Course, which will be the integral part of the Akoya master development.

El Chaar added that their priority is to complete the golf course by next year with mobilization work commencing in the next 30 days.

Asked when will the residential components be launched, he said they will be launching 200 luxury villas in the first phase before year-end.

“We plan to release the first phase, comprising 200 units, in 2013,” he said without disclosing the expected sale prices.

- More launches likely

Damac is also planning to launch more towers, targeting the hospitality sector.

“We have been in hospitality sector for two years and our hospitality arm Damac Maison will manage 4,400 serviced apartments that are under construction… we do have plans to develop more towers in the hospitality side.”

Asked if they would launch any project in Mohammed Bin Rashid City (MBR), a multi-billion-dollar mega development, El Chaar said: “Once we see the master plan and we see any opportunity we will consider it.”

Last week, Meydan Group and Sobha Group launched MBR District One, which comprises 1500 luxury villas, water park, entertainment and leisure zones.

This year, a number of developers in Dubai have announced new projects, with Emaar Properties, Nakheel and Damac Properties stating that some of their projects were sold out on launch date.

Dubai Land Department data has revealed that real estate market is witnessing growth with property transactions rising 63 per cent to Dh44 billion in the first quarter of 2013. It has said that a new breed of investors are entering the market in order to capitalize on opportunities that have arisen on the eve of price correction seen in the market over the past two years.


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