DAMAC Properties brings forward launch of first project on AKOYA Drive
Following huge response to the launch of AKOYA Drive – a 1.3km shopping strip at AKOYA by DAMAC – DAMAC Properties has brought forward the launch of the first units on Dubai’s new haute spot, including the first hotel from NAIA by DAMAC.
NAIA luxury hotel rooms and Hotel Apartments are being made available for investment by the luxury real estate developer, with a starting price of Dhs680,000. The project is expected to be completed in Q1 2018. Interested parties can register now at www.damacproperties.com.
“Since announcing the concept, we have been inundated with investors wanting to be part of AKOYA Drive,” said Niall McLoughlin, Senior Vice President, DAMAC Properties. “Given the heightened interest in the development, and AKOYA by DAMAC as a whole, we have decided to bring forward sales on the first phase of the AKOYA Drive project,” he added.
Combining distinguished architecture and stunning views across the Trump International Golf Club, Dubai, the 28-storey NAIA Hotel – AKOYA Drive – has c.500 units which provide a 40% share in room revenue to owners. The units come complete with title deed and 14 free nights stay a year as well as zero service and utility charges. Based on an investment of Dhs700,000, return on investment is projected between 11.2% in the first year of operations, rising to 14.4% by 2020.
In addition to the NAIA Hotel, the second building will feature NAIA Hotel Apartments’ managed by NAIA by DAMAC, offering spacious living, with tastefully appointed interiors and fully fitted kitchens. These hotel apartments offer investors the option of a rental pool for all units to benefit from living in and earning returns when checking out. The project also includes a state-of-the-art gymnasium, swimming pool, and steam & sauna facilities.
AKOYA Drive is similar in length to ‘The Walk’ at Jumeirah Beach Residences (JBR) and reflective of Rodeo Drive in Beverly Hills, The Croisette or Champs Elysees in Paris and will include high-end food and beverage, retail shopping and serene locations to meet friends. The shopping strip also includes four dedicated areas with entertainment for the whole family, including a golf putting green, an outdoor ice-skating rink, an interactive kids play area and a large outdoor cinema screen.
“There is a huge attraction for open, outdoor areas in Dubai, with green spaces and a relaxed environment,” added McLoughlin. “AKOYA Drive is going to create a thriving hub where home and entertainment combine with the quality serviced living in the best golf development in the world,” McLoughlin concluded.
The AKOYA by DAMAC master development is a 42 million square foot golf community off Umm Suqeim Road in Dubai. The project includes mansions, villas, luxurious apartments and a retail centre all around the Trump International Golf Club, Dubai. The project also includes a 14 million sq ft extension to the original 28 million sq ft at AKOYA by DAMAC, with a dedicated 4.3 million sq ft of open parkland, which will be a first-of-its-kind development in the region.
DAMAC Properties has delivered almost 10,000 units to date and currently has a development portfolio of over 25,000 units at various stages of progress and planning as of March 31st 2014.
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Senior Vice President – Corporate Communications