Damac launches first project on Akoya Drive
Dubai, June 8, 2014
Damac Properties has launched the first units on Akoya Drive, including the first hotel from NAIA by Damac.
NAIA luxury hotel rooms and hotel apartments are being made available for investment by the luxury real estate developer, with a starting price of Dh680,000 ($185,079) and is expected to be completed in the first quarter of 2018, said a statement.
Niall McLoughlin, senior vice president, said: “Since announcing the concept, we have been inundated with investors wanting to be part of Akoya Drive.
“Given the heightened interest in the development, and Akoya by Damac as a whole, we have decided to bring forward sales on the first phase of the Akoya Drive project.”
Combining distinguished architecture and views across the Trump International Golf Club, Dubai, the 28-storey NAIA Hotel – Akoya Drive – will feature 500 units which will provide a 40 per cent share in room revenue to owners.
The units come complete with title deed and 14 free nights stay a year as well as zero service and utility charges. Based on an investment of Dh700,000, return on investment is projected between 11.2 per cent in the first year of operations, rising to 14.4 per cent by 2020.
In addition to the NAIA Hotel, the second building will feature NAIA Hotel Apartments’ managed by NAIA by Damac, offering spacious living, with tastefully appointed interiors and fully fitted kitchens, said the statement.
These hotel apartments offer investors the option of a rental pool for all units to benefit from living in and earning returns when checking out. The project also includes a gymnasium, swimming pool, and steam and sauna facilities.
Besides high-end food and beverage, retail shopping and locations to meet friends, the Akoya Drive will also include four dedicated areas with entertainment for the whole family, including a golf putting green, an outdoor ice-skating rink, an interactive kids play area and a large outdoor cinema screen.
“There is a huge attraction for open, outdoor areas in Dubai, with green spaces and a relaxed environment. Akoya Drive is going to create a thriving hub where home and entertainment combine with the quality serviced living in the best golf development in the world,” McLoughlin added.
The Akoya by Damac master development is a 42 million sq ft golf community off Umm Suqeim Road in Dubai. It includes mansions, villas, luxurious apartments and a retail centre all around the Trump International Golf Club, Dubai. - TradeArabia News Service