The developer says on track to begin unit handover to buyers from April 2016.
The project mainly comprises of one-bedroom units ranging from 825 square feet to 1,150 square feet.
The villas, located in the Heart of Europe project, are being developed by the Kleindienst Group.
The private developer is looking to open offices in London, Singapore, Riyadh, Doha and Kuwait City by July 2015.
The capital has seen a rise in demand for affordable properties over the last 12 months as cost of living surged, CBRE said in a report.
Prices are expected to fall thanks to increased property sales taxes, stricter mortgage rules and a lack of affordability.
Damac’s 2014 full-year profit was $937 million, up from $641.5 million in 2013, the company said.
Construction of the villa project has already begun and it is due for completion at the end of 2015.
The company, a consortium headed by Dubai firm Emaar Properties and Saudi investors, is building King Abdullah Economic City, a special economic zone near Jeddah.
The Dubai residential bubble has “deflated,” with transaction prices expected to fall up to 10 per cent this year, says JLL.
Dropping oil prices are anticipated to lead to a slowdown in rents and property prices this year, says JLL report.
Under new rules, set to be unveiled in February, it is proposed that rent increases will only allowed at contract renewal.
Home prices in Dubai rose 15 per cent in 2014, with the last quarter seeing sluggish growth, a new report says.
The company’s 2014 annual profit was Dhs281.9 million, up 82 per cent compared to 2013, it said.
The contracts, awarded by ADNOC and ADCO, were awarded to Arabtec’s Target Engineering unit.
Safi Qurashi has been ordered to pay Dhs11 million to the property developer for a case relating to the Dubai Waterfront project.
The company attributed the fall to losses in financial investments, higher operating expenses and finance charges.
Although the developer recorded a slowdown in sales during the second half of 2014, prices have stayed the same, says chairman.
The firm is seeking a three-month extension to a debt repayment due at the end of 2014.
The company made a net profit of Dhs3.68 billion ($1 billion) in 2014, up from Dhs2.57 billion in 2013, its chairman said.
Reef Towers will comprise of 378 units and seven retail units, the developer said.
The emirate’s real estate market is also seeing a growing demand for affordable luxury homes, he said.
The loan will be used for capital expenditure and general business purposes, Al Hamra said in a statement.
The newly launched firm is aiming to establish a real estate portfolio worth Dhs500 million by the end of this year, the company’s chairman said.
Dubai’s residential sector is likely to remain subdued over the next 12 months with the market absorb 25,000 extra units in 2015.
Emaar said the pricing on the loan had fallen by 1.5 per cent.
The minister’s comments suggested increasing political momentum for the tax, which could provide the government with additional revenues.
Real estate deal values have declined from 2013, according to the Dubai Land Department.
The company has purchased plots in Dubai’s Umm Suqeim area and Riyadh’s King Fahed Road to develop its latest projects.
The new company, created through the joint venture, will operate under the Engel & Völkers brand, the developer said.