DAMAC Starts Sale of Units in Newest Dubai Luxury Serviced Apartment Project

By Eliza Theiss, Associate Editor

Dubai—Residential, hospitality and commercial developer DAMAC Properties has announced the release of its latest luxury residential project, the 388-unit Vantage in Dubai’s Jumeirah Village. The luxury serviced hotel apartment project, already under construction, will comprise studio, one-, two- and three-bedroom units with purchase prices starting at $170,000 (AED 625,100).

Expected to complete in the second quarter of 2017, the 33-story residential tower will offer community amenities such as a state-of-the-art health and fitness center, swimming pool, high-end spa, café and international restaurant and 24-hour reception, concierge and valet service.  Units will feature high-end kitchen furnishings and appliances and will benefit from luxury hotel services. Vantage will be managed by DAMAC Properties’ hospitality arm, DAMAC Hotels. When Vantage opens, DAMAC will be providing custom hospitality services to more than 8,000 hotel apartments, currently under development.

Located in Jumeirah Village, a booming new community in Dubai, Vantage is favored by both peaceful, quiet surroundings as well as proximity to Dubai’s business, retail, culture, entertainment and leisure opportunities. “Vantage is a great investment project,” says DAMAC Properties Senior Vice President Niall McLoughlin, adding that the project “provides the best way to take advantage of the growth of the real estate market in Dubai and secure an investment for the future.” Investors who purchase one or several units in DAMAC’s luxury serviced hotel apartment projects have the opportunity to either use it as a personal residence and live in it themselves or to supplement it to the DAMAC Hotels rental pool, in which case DAMAC will take over leasing services for a management fee.

Located at the junction of Al Khail Road and Sheikh Mohammed Bin Zayed Road, Jumeirah Village is comprised of a series of villages linked by open landscaped areas and canals. The community consists of single-family villas, townhouses, multifamily developments as well as retail and entertainment developments.

DAMAC Maison, DAMAC Properties’ first luxury serviced apartment project opened in late December 2013. Maison has since sold out and boasts occupancy rates characterized as “very high” by the developer.  To date, DAMAC has delivered 9,318 residential units and as of December 31^st 2013, the company has a development portfolio of over 25,000 units in various stages of planning and development.