Damac Properties has said that work has begun on its biggest development in terms of land area to date – the AKOYA by Damac project on a 28m ft2 (2.6m m2) master development off Umm Suqeim Road by Dubailand.
Al Nabooda Contracting began site enabling works ten days ago ahead of the award of the major infrastructure package for the site, which features the first Trump International Golf Course in Asia at its core. It will include a clubhouse, boutique hotel, a sports complex, schools, retail and leisure and entertainment units.
The company has also announced the launch of sales at the project this morning, with 205 villas and townhouses available as part of the first phase of development. Prices for villas start at (AED: 2.6m)
Damac Properties managing director Ziad El Chaar told Construction Week that 38 separate tenders had already been floated for the project – including construction of the course, clubhouse, hotel and the golf academy, with the aim of achieving completion of phase one by March 2015.
“Before we even launched, we built two substations. This, we believe, is proper planning. You need to put the proper equity in every project befure you launch.”
The firm said that it has completed all required formalities by RERA prior to sales, including bank guarantees for infrastructure and construction as well as full payment for all of the plots being sold on the first phase.
“We are keeping it very much to end users. You can build your own villa with your own specs, interiors, with your own pool. If we build it, we are handing over in March 2015. So that’s the deadline, because we want the whole community to be done at the same time.
“It’s the first master plan in Dubai where you don’t have a long line of townhouses. You have independent villas and maximum twin villas. So you don’t have a villa being flanked by two other villas.”
El Chaar added that the fact the development contains the first Trump International golf course in Asia had widened its appeal in the international market, with more enquiries from people in countries such as Malaysia and China.
“The Trump name by itself will pull a lot of golfers to that area, which will make it more than just a real estate destination. It’s a tourist destination, with real estate around it.
“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,” he said. “The project builds effectively on DAMAC Properties’ long experience of developing luxury apartments throughout the Middle East.”
