Damac launches waterfront luxury project
Dubai, May 25, 2013
Damac Properties, one of the largest luxury private developers in the region, is launching sales on Bay’s Edge, a Dh400 million ($108 million) 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 project is set for completion by the end of 2016, said a top official.
“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,” observed Ziad El Chaar, the 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,” he noted.
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 are available on a first-come-first served basis with prices starting from Dh720,000, he stated.
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 luxurious service also includes 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.-TradeArabia News Service