Dubai developer Damac has announced the launch of a new 33-storey tower, Vantage, in the Jumeirah Village development. The project includes 388 serviced living units, with prices starting at Dhs625,100, the company said in a statement.
Work on the development has already begun, and it is expected to be completed by Q2 2017.
The tower, located five minutes from Arabian Ranches and six minutes from Emirates Hills, includes fully-furnished studios, one-, two- and three-bedroom apartments.
Vantage also offers 24-hour facilities for valet service, reception and concierge, a café and global restaurant, a gym, a health & fitness club, a swimming pool and a spa. The tower will be managed by Damac Hotels – the hospitality arm of Damac Properties.
In the last few years, luxury developer Damac has focused on growing its serviced living portfolio, and by 2017, expects to have 8,000 serviced hotel apartments in operation across the region.
The company opened its first luxury serviced hotel apartment project, DAMAC Maison, on December 30 2013, and the 50-storey tower is fully sold out, with high occupancy rates, the statement said.
Investors buying a fully-serviced unit can either live in it themselves, or add it to the Damac Hotels rental pool, where Damac will rent it out for a management fee.
Damac has been benefiting hugely from renewed growth in Dubai’s property market and has launched several new projects in the last year. The developer has delivered 9,318 units to date and currently has a development portfolio of over 25,000 units at various stages of progress and planning as of December 31, 2013.