DAMAC Properties Review of the Developer

Developers DAMAC Properties Review of the Developer
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~12 min
10/04/2023
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Introduction

DAMAC Properties is a prominent Emirati property development company based in Dubai, part of the esteemed DAMAC Group. With a strong presence in the Middle East and a global reach, DAMAC Properties is renowned for its luxury homes, branded residences, and leisure properties. The company has made a significant mark in the real estate industry, consistently delivering innovative projects that cater to the evolving demands of the market.

DAMAC Properties' portfolio includes iconic developments such as DAMAC Hills, DAMAC Lagoons, DAMAC Towers, and many more. It is world-class real estate with amenities like golf courses, hotel apartments, and residential wave pools. As a one of the key players in Dubai's real estate landscape, DAMAC Properties continues to shape the future of upscale living and commercial and leisure properties, setting high standards for quality and luxury.

History of DAMAC Properties

DAMAC Properties has a rich history rooted in its association with the DAMAC Group, a pioneering force in the luxury real estate market across the Middle East and beyond since 1982. Over the years, DAMAC Properties has become synonymous with delivering iconic residential, commercial, and leisure properties that set new standards in the industry.

One of the significant milestones in DAMAC Properties' history occurred in December 2013 when it achieved a groundbreaking feat by becoming the first real estate company from the Middle East to be listed on the London Stock Exchange (LSE) through a global depository receipts program. This historic IPO raised an impressive US$379 million. Subsequently, DAMAC Properties initiated trading in Dubai on January 12, 2015, following an offer to exchange its outstanding Global Depository Receipts (listed on the LSE) for Ordinary Shares (listed on the DFM). The GDRs were eventually de-listed in March 2015, marking a remarkable chapter in DAMAC Properties' journey.

Average Prices for Properties

The average prices for properties by DAMAC can vary significantly depending on several factors, including the specific project and its location. Additionally, buyer preferences and property specifications play a crucial role in determining the prices. Here are some examples of average property prices in different DAMAC developments:

DAMAC Hills:

  • Average transaction sales price starts from 794,000 AED
  • Starting from: 400,000 AED
  • Average rental price: 70,000 AED

DAMAC Hills 2:

  • Average transaction sales price: 586,000 AED

  • Starting from: 400,000 AED

  • Average rental price: 45,000 AED

  • Starting from: 34,000 AED

DAMAC Towers by Paramount:

  • Average transaction sales price: 1,500,000 AED

  • Starting from: 1,200,000 AED

  • Average rental price: 115,000 AED

  • Starting from: 90,000 AED

The Key Projects

DAMAC Hills

DAMAC Hills is a prestigious golf community development in Al Hebiah 3 in the vibrant Dubailand area. This sprawling 3,9 square kilometers community is characterized by its diverse real estate offerings, including branded villas, townhouses, and apartments. Beyond its residential components, DAMAC Hills has a range of entertainment and retail facilities, and it proudly hosts the Radisson Hotel, which is located on the premises, overlooking the Trump International Golf Club Dubai at DAMAC Hills.

The Radisson Hotel at DAMAC Hills offers an array of amenities, including two restaurants, a well-equipped gym, a rejuvenating spa, a kids club for the younger residents, and an inviting outdoor swimming pool. Additionally, the hotel provides flexible meeting spaces covering 600 square meters, catering to various event needs.

As of December 2019, DAMAC Hills had successfully delivered approximately 4,000 units to its residents. Moreover, the community features a centralized community center and a unique 2,000-square-meter skatepark. DAMAC Hills has received international recognition, notably being awarded the title of "Best Golf Development in the World" at the International Property Awards in London, and it also earned a "highly commended" recognition for Best Golf Development in the Africa and Arabia Property Awards, held in Dubai.

In a significant development, in November 2020, DAMAC Hills introduced the UAE's first residential wave pool, further enhancing the community's appeal as a premier destination for modern living and recreation.

DAMAC Hills 2

DAMAC Hills 2, formerly known as Akoya and Akoya Oxygen, represents a thriving residential development undertaken by DAMAC Properties. Nestled in the serene desert landscape of south Dubailand, approximately a 40-minute drive from the bustling city center, this residential project has been making steady progress.

One of the key promises of DAMAC Hills 2 is the provision of cleaner air and naturally cooler temperatures. The master plan for this community includes a thoughtfully designed road network system aimed at reducing pollution, with designated areas for bicycles and hybrid vehicles, promoting eco-friendliness.

The homes in DAMAC Hills 2 have been designed with sustainability in mind, incorporating energy-efficient materials, air conditioning, lighting, and controls. Additionally, the use of low-emission paints and solar water heating systems further contributes to the community's eco-conscious approach. Waste management practices prioritize recycling wherever feasible.

DAMAC Hills 2 offers a diverse range of villa types, spanning from three to six bedrooms. These include Oleander, Celosia, Rivina, Aknan, Aurum, Biela, Cuatro, Hajar, Imagine, Mod Townhouses, Bugatti Villas, Just Cavalli Villas, and Uno Premier Villas. Each of these villa types is distributed across numerous sub-communities, with each sub-community bearing the name of a plant species, enhancing the overall charm and identity of this burgeoning residential oasis.

DAMAC Residenze

DAMAC Residenze, previously known as DAMAC Heights and Ocean Heights 2, stands as a striking 85-storey supertall skyscraper soaring to a height of 335 meters in the prestigious Dubai Marina of Dubai. This architectural marvel is a DAMAC Properties' commitment to pushing the boundaries of luxury real estate development. Notably, it represents DAMAC's second supertall project, with the first being Ocean Heights, also situated in Dubai Marina. The tower offers breathtaking vistas of the iconic Palm Jumeirah.

DAMAC Residenze proudly claims the title of being the 13th-tallest building in Dubai and the 12th-tallest residential building globally. Its location within the upper segment of the marina, a bustling and highly populated district of Dubai Marina featuring nine skyscrapers, further enhances its appeal.

The design of DAMAC Residenze incorporates innovative elements that expand the field of view for residents, creating an illusion of more extensive space between DAMAC Residenze and neighboring towers. This architectural ingenuity, as envisioned by the renowned architects at Aedas, includes the tower's distinctive curvature, ensuring panoramic views for a significant number of apartments, and making it a remarkable addition to Dubai's ever-evolving skyline.

DAMAC Towers by Paramount Hotels & Resorts Dubai

DAMAC Towers by Paramount Hotels & Resorts Dubai stands as an exceptional four-tower development crafted through a collaboration between DAMAC Properties and Paramount Hotel & Resorts. This illustrious project comprises 2,000 units, thoughtfully distributed among its towers. Three of these towers house 1,200 residential apartment units, while the fourth tower is dedicated to the Paramount Hotel, accommodating 800 luxurious suites. Located in Dubai's vibrant Business Bay area, this remarkable property has an impressive total built-up area of 370 square meters, reflecting an estimated sales value of $1.35 billion.

The architectural splendor of DAMAC Towers by Paramount is characterized by its four striking 55-story towers, ingeniously connected by an 8-level podium that houses a variety of retail outlets, adding to the convenience and vibrancy of the complex. For residents and guests, the complex offers a range of housing options, including studio apartments, as well as 1, 2, and 3-bedroom apartments in the residential towers, while the hotel tower promises an opulent experience with its luxurious suites. Furthermore, the complex caters to the holistic lifestyle needs of its residents and guests, offering state-of-the-art facilities encompassing fitness centers, dining establishments, self-care amenities, and leisure options, making it an embodiment of contemporary urban living.

DAMAC Lagoons

DAMAC Lagoons is a captivating residential project unveiled in 2022, situated in the heart of Al Hebiah 5 within the expansive Dubailand area. This water-inspired off-plan community, sprawling across an impressive 4 square kilometers, invites residents into a world of unparalleled elegance and tranquility. It is distinguished by its exquisite villas and townhouses set against a backdrop of azure blue lagoons, pristine white sandy beaches, and an enchanting tropical island ambiance.

Nestled opposite the sought-after community of DAMAC Hills, DAMAC Lagoons is designed with inspiration drawn from some of the world's most picturesque waterfront cities, including Venice, Santorini, and Costa Brava. Anticipated for completion by the last quarter of 2024, this development will offer residents a choice of 3 to 6-bedroom residences, complemented by a vibrant community mall, healthcare facilities, and a delightful array of restaurants.

DAMAC Lagoons is not just about residences; it's a holistic living experience. The project is replete with recreational amenities, including opportunities for kayaking, lagoon ziplining, and wave riding, ensuring residents have access to a variety of exciting activities. This strategically positioned neighborhood is poised to become an ideal choice for discerning buyers and end-users seeking a harmonious blend of natural beauty and modern living.

Awards

  1. Arabian Property Awards 2017. DAMAC Properties earned recognition in multiple categories at the Arabian Property Awards 2017 in Dubai. These awards included:

    • Best Residential High-rise Development for AYKON City

    • Best Mixed-use Development for DAMAC Hills

    • Best Hotel Interior for DAMAC Towers by Paramount Hotels & Resorts

    • Best Developer Website

    • Best Hotel Architecture for Paramount Tower Hotel & Residences

  2. Arabian Business Achievement Awards 2017. Ali Sajwani, the son of DAMAC's founder and chairman, Hussain Sajwani, was honored as a Future Leader at the Arabian Business Achievement Awards organized by Arabian Business.

  3. Forbes Global 2000 List of Growth Champions. DAMAC Properties secured the top spot on the Forbes Global 2000 List of Growth Champions in recognition of being the fastest-growing company worldwide among the top 2,000 listed by Forbes.

  4. Dubai Land Department Recognition. DAMAC Properties' facilities management arm, Luxury Owner Association Management Services LLC (LOAMS), received recognition from The Dubai Land Department (DLD) for its excellence in managing the facilities of numerous properties.

  5. CW Awards 2018. DAMAC Towers by Paramount Hotels & Resorts was honored with the "Residential Project of the Year" award at the CW Awards 2018.

  6. International Business Magazine Awards 2019. In 2019, DAMAC Properties secured awards at the International Business Magazine Awards, further highlighting its industry excellence.

  7. International Business Magazine Award 2020. DAMAC continued its award-winning streak in 2020, earning the prestigious International Business Magazine award for "Most Socially Responsible Real Estate Company UAE."

Conclusion

DAMAC Properties has established itself as a prominent player in the Dubai real estate industry, consistently delivering a diverse portfolio of iconic residential, commercial, and leisure properties across the region. Their commitment to innovation and quality is evident in projects like DAMAC Hills, a golf course community, and DAMAC Towers by Paramount Hotels & Resorts, a mixed-use marvel in Business Bay. With a robust presence in the market, DAMAC Properties has earned recognition for its excellence, including prestigious awards from the Arabian Property Awards and Forbes.

The company's visionary leadership, exemplified by Chairman Hussain Sajwani and bolstered by initiatives like the Hussain Sajwani DAMAC Foundation, underscores its commitment to social responsibility. As they continue to expand their footprint, including ventures in Dubai Maritime City and Nine Elms, their dedication to meeting market demands and offering a broad spectrum of services remains a making their success. DAMAC Properties continues to shape the skyline of Dubai and beyond, with each project reflecting its dedication to quality, innovation, and excellence in the ever-evolving real estate landscape.

Sources

DAMAC Properties

FAQ

  • 1.

    Who is the owner of DAMAC?

    Hussain Sajwani, a UAE national, is the founder and chairman of DAMAC Properties, a prominent global property development company. He is widely recognized as a self-made billionaire and has earned accolades, including being acknowledged as one of the most powerful Arabs in the world.

  • 2.

    What types of properties do DAMAC Properties develop?

    DAMAC Properties develops a wide range of properties, including residential apartments, villas, townhouses, commercial buildings, hotels, and mixed-use developments.

  • 3.

    Where are DAMAC Properties' projects located?

    DAMAC Properties has projects in various prime locations across Dubai, including Dubai Marina, Business Bay, Dubailand, and more. They also have international developments.

  • 4.

    What are some notable DAMAC Properties projects?

    DAMAC Hills, DAMAC Towers by Paramount Hotels & Resorts, AYKON City, and DAMAC Lagoons are among their prominent projects. These developments offer a range of luxury living experiences.

  • 5.

    Is DAMAC a private or government company?

    DAMAC Properties was founded by Hussain Sajwani and operates as a privately owned real estate development business in the UAE and internationally.

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Update date: 05/18/2024