Damac offers 24pc rental return guarantee
Dubai, February 13, 2012
Dubai-based Damac Properties, in its latest initiative aimed at boosting property sales, is offering a 24 per cent rental return guarantee on all units purchased within its Burjside Terrace serviced apartment development.
The Burjside Terrace serviced apartment development is situated on the platinum stretch of real estate within Dubai’s fashionable Downtown district, near the world’s tallest building, The Burj Khalifa, and directly opposite to the Dubai Mall.
With the Armani Hotel and Dubai’s iconic Address Hotel as neighbours, Burjside Terrace needed to distinguish itself amongst its highly acclaimed peers.
The luxury developer is offering a guaranteed tax-free 8 per cent annual rental return over three years, in a move aimed at increasing investor confidence in the stability and security of the property market in Dubai.
'A secure, guaranteed 8 per cent annual return on investment is virtually unheard of anywhere in the world at the moment,' remarked Niall McLoughlin, senior vice president, Damac Properties.
'There is no catch, no fine print, if you purchase a serviced apartment in our Burjside Terrace development, we will guarantee an annual 8 per cent rental return, or a 24 per cent total rental return over three years,' he added.
The rental guarantee is the second blockbuster promotion by Damac Properties since the start of 2012, following on from its luxury car giveaway as part of the Dubai Shopping Festival.
The developer gave away scores of luxury cars, including Lamborghini’s, BMW’s and Mini Cooper’s as part of its month long DSF promotion.
'We are adding value to our real estate proposition. The rental guarantee will appeal to a whole new league of investors, who are seeking high, stable, guaranteed returns on their investment,' McLoughlin stated.
'An 8 per cent annual return in today’s volatile investment climate gives investors a valuable peace of mind,' he said.
“In addition to the guaranteed 8 per cent annual return, there is scope for capital growth, which is an extremely attractive investment proposition for any global investor” he added.
According to him, Damac will take responsibility for managing and leasing the unit, eliminating all stress for the investor.
Both the serviced apartment developments in Downtown Dubai will be managed by ‘Damac Suites and Spa’, the hospitality management company subsidiary of the developer.
It offers services from housekeeping at the most basic level, to items such as personalised butler services and personal chef services at the higher end of the spectrum.
'Damac was able to predict the likely demand for units in Burjside Terrace following the extraordinary success of the company’s neighbouring serviced apartment development, Burjside Boulevard, said McLoughlin.
'We are so confident about the likely return on investment of units in Burjside Terrace that we decided to back all unit sales with a rental guarantee,' he added.-TradeArabia News Service