Dubai developer Damac Properties has announced the launch of yet another massive new project, Akoya by DAMAC, in Dubai.
The 28 million square feet master development off Umm Suqeim Road will be the ‘most luxurious Golf community in Asia,’ with premium branded mansions, villas, townhouses and high-end apartment units, Damac said in a statement.
The project will also include an 18-hole PGA Championship golf course, a spa, boutique hotels, international schools, retail brands, leisure & entertainment offerings and a sports complex.
The development will be Damac’s largest in terms of size and scale, the company said. It has completed purchasing land from Dubailand for the project and has received all the required paperwork.
“We are in advanced discussions with a number of leading global brands to make ‘Akoya by DAMAC’ the most sought-after area in Dubai,” said Hussein Sajwani, chairman, Damac.
Dubai’s property market is rapidly picking up pace and over a dozen new developments have been announced so far this year.
According to the Dubai Land Department, a total of 3,547 residential transactions worth Dhs4.7 billion were recorded in Q1 2013, compared to 2,726 transactions worth Dhs3.1 billion in Q1 2012.
The Akoya project is Damac’s fifth launch so far this year. While sale of serviced apartments in Lincoln Park was announced in early April, other launches include DAMAC Residence in Dubai Marina and DAMAC Esclusiva in Riyadh – both being developed with interiors by Italian fashion-house FENDI – and DAMAC Towers by Paramount, a hotel and luxury serviced residences in Dubai’s Downtown area.
The first phase of the $1 billion DAMAC Towers by Paramount sold out on its opening day during the launch event in March, the company said.
Damac has completed 37 buildings to date with 7,817 units and has a further 66 buildings at various stages of progress across the MENA region.