DAMAC Properties Kicks-Off First Phase of Sales in ‘AKOYA by DAMAC’

Enabling Work Already Underway and RERA Approval Obtained – Handover in March 2015; Most Luxurious Residential Golf Complex in Asia Spread Over 28 Million Square Feet; Prices Start from AED 2.4 Million

Dubai, United Arab Emirates: 12 June, 2013: DAMAC Properties, the largest private developer of luxury real estate in the Middle East, has announced the launch of the first phase of sales for luxury villas within the ‘AKOYA by DAMAC’, project - a 28 million square feet master development off Umm Suqeim Road in Dubai.

‘AKOYA by DAMAC’ will be the most luxurious golf community in Asia, with premium branded mansions providing a luxury living experience within a fully integrated community. The first phase of sales was launched this morning with 205 units being made available. Prices for these luxury villas will start at AED 2.4 million.

“This project will prove to be the ideal destination for our elite customers, who are on the lookout for opportunities to experience elegant, modern living in Dubai in an atmosphere of exceptional luxury and excellence,” Ziad El Chaar, Managing Director, DAMAC Properties. “Funding is allocated and RERA has signed off on our bank guarantees – we are moving full steam ahead.”

In advance of the launch of sales, DAMAC Properties has already completed all required formalities, including full payment for the plots in Phase One. An Escrow account has been opened and RERA has received all bank guarantees for infrastructure and construction.

Al Naboodah Contracting Company LLC. has already started enabling works on the site and power will shortly be supplied thanks to dedicated sub-stations which have already been ordered.

At the heart of AKOYA by DAMAC is the ‘Trump International Golf Club, Dubai,’ - an 18-hole PGA Championship Golf Course which DAMAC Properties is developing in collaboration with 'Trump’, the leading global luxury companies in the golf sector and the world’s most recognized brand, developer, owner and manager of world-class properties.

Trump will manage and operate Trump International Golf Club Dubai which will consist of a 30,000 square foot state-of-the-art clubhouse and luxurious Trump Spa & Wellness Centre, which will be managed to the highest standards by the Trump Organization.

For golf lovers, Trump International Golf Club will represent a unique and exciting challenge, along with providing an exceptional experience in luxury, entertainment and premium lifestyle offerings.

According to a recent study by accounting firm KPMG, the UAE was ranked - for the first time - among the top ten golf tourist destinations across the world. Both Dubai and Abu Dhabi were ranked sixth in the report, ahead of established golfing destinations like the United States, United Kingdom and South Africa. The report also mentioned that sales of golf holidays grew by 9.3% globally last year, to exceed 1.5 billion Euros (AED 7.22 billion).

‘AKOYA by DAMAC’ will include a boutique hotel and international schools. In addition, the fully-integrated community will be home to globally-recognised retail brands, leisure & entertainment offerings, a sports complex and will be characterised throughout by beautifully manicured landscaping.

“We are confident that within this development, families will find the perfect environment to enjoy a premium lifestyle at the best destination in town,” added El Chaar.

‘AKOYA by DAMAC,’ which takes its name from one of the most exclusive pearls in the world, will create a thriving environment aimed at meeting the demand of those living and working in Dubai and the region, as well as those holidaying there.

The new project is the largest in the history of DAMAC Properties, reflecting the recent significant growth of the real estate sector in Dubai.

The high standards offered by the ‘AKOYA by DAMAC’ development is in keeping with the recent report from Knight Frank, which mentioned that the market for villas in Dubai is ranked third in the world, in terms of performance.

El Chaar concluded: "This is the first time DAMAC Properties has developed a full-fledged residential complex comprising both villas and mansions, to provide customers with a new level of luxury, that has not been seen before. The project builds effectively on DAMAC Properties’ long experience of developing luxury apartments throughout the Middle East."