Damac Maison — A new brand in the making


09/02/2014 07:34 AST

Damac Properties, which successfully forays into hospitality business, has set its brand — Damac Maison — in fast growing segment with the launch of three more properties in Dubai this year, its top official says.

The hospitality arm of the region’s premier luxury property developer received overwhelming response from investors and visitors alike as its first property is fully sold out and recorded over 85 per cent occupancy level during first month of operations after its soft opening on the eve of New Year.

“Damac Maison has made a successful foray in the hospitality business in 2014. We will handover one hospitality project in each quarter this year and are confident of reshaping the segment with novel concepts and ideas in this business,” Ziad El Chaar, managing director of Damac Properties, told Khaleej Times during an exclusive chat.

Damac Maison, which was established in late 2011 to provide unrivalled lifestyle services to VIP residents in the most sought-after projects in prime locations, is set to lead the hospitality business with the handover of another 1,833 units in its portfolio this year.

“The first property at Dubai Mall Street has 355 units. All units have been sold with the exception of just one penthouse on the top floor,” says El Chaar, who is upbeat about the bright prospects of hospitality business in years to come.

Referring to recent reports, he said there is huge demand for luxury serviced residences in the market and Damac Maison will bridge the gap between demand and supply with the completion of about 7,500 units by 2017.

The property developer is focusing its delivery of hotel apartments in the Burj area of Dubai — a district that attracts more than 75 million visitors a year and has become the central hub for both visitors and tourists.

“All Damac Maison projects currently underway are on fast development track. Four more projects including three in Burj area of Dubai and one in Qatar will be completed this year,” he said.

For more on this Click Here

Khaleej Times
Economic and Business News
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | News Archive
Most Viewed Companies
Ticker Price Volume
GFH 0.46 3,578,848
QNBK 135.9 109,396
DSI 0.39 45,711,538
SABIC 98.06 2,513,945
EEC 18.03 354,774
AMLAK 1.09 12,534,009
AIRARABIA 1.12 4,055,524
Recent News

$32bn worth urban projects 'at tendering stage in GCC'
As many as 801 construction projects with a combined estimated value of Dh117.44 billion ($32 billion) are currently in the tendering stage in the GCC's urban construction sector, according to a repo

Drake & Scull to proceed with Fairmont Abu Dhabi MEP works
Drake & Scull International (DSI), a regional market leader in engineering and related services, has announced that it will proceed with the mechanical, electrical and plumbing (MEP) works for the Fa

Engie completes $762m investment in Tabreed
The National Central Cooling Company (Tabreed) has announced the successful completion of an investment of approximately Dh2.8 billion ($762.32 million) by Engie, a global energy company, to acquire

UAE Central Bank deposits top $33 billion in H1
The total value of monetary deposits at the UAE Central Bank amounted to Dh123 billion ($33.5 billion) during the first half (H1) of the year, Dh122.95 billion of which are in banknotes and Dh50 mill

Qatar sovereign wealth fund trims Credit Suisse stake
The Qatar Investment Authority has reduced its shareholding in Credit Suisse Group to 4.94 percent, amid the Middle Eastern nation’s diplomatic crisis with neighbouring countries.

The coun

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?