DAMAC Properties has announced its first major new product launch since 2008, with 295 premium serviced hotel apartments in the Burj Area.
On the back of improved market sentiment, which has shown average prices increasing by 14% in the first nine months of the year, according to the Reidin Residential Sales Indices, 'The Distinction' will serve to the very top top-end luxury sector of the emirate's real estate market.
The rental market is also seeing strong growth with yields up as much as 24% in prime locations across Dubai according to a recent report by CB Richard Ellis.
While Dubai's property market sees a strong growth path, hotels are also benefitting, with 87.1% occupancy in October according to the latest figures from TRI Hospitality Consulting - an increase of 7.5% year-on-year.
"Luxury projects in prime locations are driving the UAE property resurgence and 'The Distinction' will provide the quality of finish and service expected at this end of the market," said Niall McLoughlin, Senior Vice President, DAMAC Properties. "The serviced hotel apartments at 'The Distinction' will offer the highest levels of customer service, luxury and opulence placing it among the premium products DAMAC Properties has on the market today."
Main contractor, ANC Contracting, has already started work on the project, which is set for completion in the first quarter of 2015. The project will be a mix of studios, one, two, three and four-bedroom penthouses.
The company launched sales of the project from its offices at Ocean Heights in Dubai Marina and at Park Towers in the Dubai International Financial Centre (DIFC) early this morning (Saturday, 15 December 2012).
DAMAC Properties has a proven track record of delivering projects in the Dubai real estate, already completing 37 buildings across the UAE, with 7,817 units and nearly 14,000,000 square feet of space.
"DAMAC Properties has become an established brand, synonymous with quality and luxury throughout the Middle East," McLoughlin added. "We are chosen and trusted to deliver high-end, desirable living spaces in some of the best locations. 'The Distinction' certainly lives up to this promise."
The Distinction, which will be one of the most desirable projects DAMAC has ever undertaken, has been designed by architects ZAS with the interiors being undertaken by WA International.
"In Dubai there remains a strong desire for the very best, and this, combined with an improving economy and limited availability of high-end luxury developments, is driving the demand. We are anticipating a high level of interest in 'The Distinction'."
'The Distinction' comes lavished with the highest quality amenities to be enjoyed by the residents, including a luxury spa which houses a relaxing Jacuzzi and peaceful sauna. There is also a high-tech gymnasium and stunning swimming pool.
Hotel Serviced Apartments are a relatively new concept to the Dubai market, offering five-star concierge services to include everything from receiving fresh linen every day through to bookings for private jets and limousines and even having a top-end chef cook for you in your apartment.
It also provides a sound investment vehicle as owners can enjoy the luxury and services on offer, or add their property to a rental pool which will drive stress-free rental yields in addition to the tax-free capital growth, all managed by DAMAC Suites & Spa.
Tourism to Dubai has continued to grow in strong numbers with the Al Maktoum International Airport set to open next year set to cater for 160 million passengers a year. In addition, the UAE's GDP is set to reach 4.5% by the end of the year, reaffirming Dubai's sustained and steady economic recovery.
DAMAC Properties will have 4,000 luxury serviced hotel apartments under development by the end of next year, with its first project in this sector, Burjside Boulevard, overlooking the Burj Area, set to complete in