DAMAC launches serviced villas in Dubai
July 2, 2013 1:04 by kippreport
Private developer DAMAC Properties has launched the first serviced villas in Dubai, the company announced. ‘DAMAC Villas by Paramount’ is in collaboration with Paramount Hotels & Resorts.
DAMAC Properties launched the sales of the villas this morning, following approval from the Real Estate Regulatory Authority (RERA). Prices start from AED 3 million.
The Hollywood-themed villas will be set in a private gated community in AKOYA, the company’s 28 million square feet development close to Sheikh Zayed Road.
The community will include a ‘California Cool’ styled private beach club and a world-class fine dining restaurant. The villas will also overlook the Trump International Golf Club, set to open in 2014.
DAMAC Properties is already working with Paramount Hotels & Resorts on DAMAC Towers by Paramount, a four-tower development in the Burj Area.
According to the latest figures released by commercial real estate firm Jones Lang LaSalle, villa rents in Dubai have increased by 10 percent year-on-year in prime, established locations and the report predicts the trend is set to continue.