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DAMAC Properties, the region’s largest luxury private developer, is launching sales on its latest serviced living project in the Burj Area of Dubai.
Bay’s Edge is a 22-storey iconic tower, offering waterfront views across to the world’s tallest tower. The 220 units are made up of studios, one, two and three bedroom apartments, al managed by the hospitality management company of DAMAC Properties.
The AED 400,000,000 million project is set for completion by the end of 2016.
“We have seen overwhelming interest in luxury serviced living in the Burj Area of Dubai and that is why we are bringing Bay’s Edge to the market now,” said Ziad El Chaar, Managing Director, DAMAC Properties. “The tower is in an enviable location overlooking the pristine water and over to the city setting of the Burj Area.”
Highlighting the desirability of the area, the RERA (Real Estate Regulatory Authority) Rental Index showed the two areas in Dubai which saw the highest transaction activity and price increases last year were the Burj Area and Dubai Marina.
Sales of units in the project will start at 10am tomorrow morning through www.damacproperties.com, or at DAMAC Properties offices in Park Towers, DIFC and Ocean Heights or the Mall of Emirates, on a first-come-first served basis. Prices start from just AED 720,000.
DAMAC Properties will have more than 4,400 luxury serviced hotel apartments completed or under development by the end of 2013, making it one of the largest operators of luxury serviced living in the Middle East.
Top-end home prices in Dubai increased 18.3 per cent over the last 12 months, ranking the emirate fourth among the world’s luxury property markets, according to a recent report by Knight Frank.
All properties under the DAMAC Maison portfolio will include a luxurious and peaceful spa, high-end restaurants, stunning lobby areas with meeting space, a kids club & baby-sitting service, with dedicated and qualified staff, and fully-fitted kitchens throughout.
The service also offers luxuries including in-room hair & nail treatments, 24-hour room service; an internationally-renowned chef who will cook for you in your apartment, personal shopping consultants and a team to arrange all overseas travel arrangements on your behalf.
Luxury serviced apartments from DAMAC Properties also offer a sound investment vehicle, allowing owners to enjoy the five-star services, or add the apartment to a rental pool which will drive stress-free rental yields in addition to tax-free capital growth.
DAMAC Properties recently announced sales in excess of AED one billion on DAMAC Towers by Paramount – a Hollywood-styled hotel and serviced residences in the Burj Area, with more than 400 units sold out in under two months.
“Dubai’s recovery and resurgence has been more pronounced than almost anywhere else in the world, and with its focus as an international business hub and tourism hotspot, global investors see the luxury real estate market as an attractive investment opportunity,” he added. “Serviced residences are fast becoming the number one choice for buyers, given the high-end living environment and the flexible rental options.”
DAMAC Properties has completed 47 buildings to date with 9,507 units. DAMAC Properties also has a further 108 buildings at various stages of progress across the Middle East and North Africa region. These consist of 17,743 units.