Dubailand CEO Mohamed Alhabbai with Damac chairman Hussein Sajwani at the launch of Akoya by Damac.
Damac Properties has announced the launch of Akoya by Damac, a 28mn sq ft master development off Umm Sequim Road in Dubai.
Akoya by Damac will be the most luxurious golf community in Asia, with premium branded mansions, villas, townhouses and apartment units. The project will include an 18-hole PGA championship golf course at the heart of the development, in addition to a spa, boutique hotels and international schools from kindergarten to secondary level.
The fully-integrated community will also include retail brands, leisure and entertainment offerings, a sports complex and landscaping throughout.
Akoya by Damac takes its name from one of the most exclusive pearls in the world. The project will include distinctive architecture and five-star service in every element of the luxury living environment. It will be the largest project by size and scale that Damac Properties has ever launched, further confirming the stabilisation and upturn in the Dubai real estate market.
“We aim to make Akoya by Damac the most desirable living environment in Dubai for aspirational professionals who recognise ultimate luxury,” said Hussein Sajwani, chairman of Damac Properties. “The development will bring a blend of high-end, five-star living with unrivalled facilities and create a haven for families looking to make Dubai their home.”
The latest report from Jones Lang LaSalle showed that valuation of apartments and villas in Dubai had continued to climb. In the first quarter of this year, prices were up by 18% in prime locations. The report also stated that “for the first time since mid-2008, all sectors of the Dubai real estate market are currently positioned in the recovery stage of the market cycle”.
The purchase of land from Dubailand has been completed and all required paperwork received. Dubailand is a popular district in Dubai that includes entertainment, sporting, shopping and residential communities.
More details will be available at the Arabian Travel Market, which takes place at the Dubai International Convention and Exhibition Centre from May 6 to 9.