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.
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