Damac Properties has announced the launch of its first serviced hotel apartment project, Capital Bay – a 16-storey tower in the Business Bay of Dubai.

The 131-unit project, which comprises a mix of studios, one-, two- and three-bedroom serviced apartments, offering access to the heart and soul of the city, will be managed by the company's new operations brand, NAIA by Damac.
 
Construction at this phase of Capital Bay will begin next month, with pre-launch prices starting at Dh1.03 million (280,929) available at all Damac Properties sales offices.

The project will be completed in the fourth quarter of 2016, it added.
 
NAIA by Damac projects provide visitors with spacious and convenient units, connected to the urban space of the emirate.
Each NAIA by Damac unit comes complete with a fully-fitted kitchen and maid services, with access to a restaurant, kids club and swimming pool. NAIA by Damac is perfectly designed for those with a free-spirit; visitors to Dubai seeking adventure.
 
Commenting on the launch, Niall McLoughlin, the senior VP at Damac Properties, said: “We have seen an unprecedented response to NAIA by Damac during the first couple of days of ATM. With Dubai projected to be the most visited city in the world in the next few years, there is a huge focus on the industry, and particularly on what luxury developers are preparing to offer the influx of tourists.”
 
"Given the level of interest, we have decided to bring this tower at Capital Bay to market straight away, and present our first project which will be managed by NAIA by Damac is in the sought-after Business Bay Area," he added.
 
NAIA by Damac operates a rental pool model allowing customers to add their unit into management programme to gain all the benefits of rental income, without the hassle of needing to source tenants.

Its other projects include NAIA Downtown Akoya, NAIA Miracle Garden, NAIA Dubai World Central, NAIA Jumeirah Village, NAIA Business Bay, and NAIA Al Maktoum Airport Street, giving a total of more than 3,800 units under development.-TradeArabia News Service