The Dubai developer known for its luxury condominiums plans to go one step further with a development of mansions around a new golf course in Dubailand.
Damac yesterday teed off its most luxurious project to date, which will feature mansions, spas and hotels around an 18-hole PGA Championship Golf Course.
Akoya by Damac, named after one of the most exclusive pearls, will cover 28 million square feet on Dubailand.
"Damac has purchased land from Dubailand and all the required paperwork has been received," Damac said.
Akoya by Damac is the latest in a series of projects planned for Dubailand amid a surge in valuations of villas and apartments and revisited interest in the entertainment-based development.
Dubai Properties has hired a contractor to restart its Mudon project, originally announced in 2007. Mudon was meant to be a mixed use development that included retail outlets, hotels, commercial space and a golf course.
Emaar Properties last June said it had acquired a plot of land from Dubai Properties Group at Dubailand to develop a mixed-use neighbourhood.
Dubailand was one of Dubai's most ambitious leisure developments.
Originally launched 10 years ago, many planned theme park-based developments planned for the site were scrapped or put on hold even before the 2008-09 financial crisis. Recently several projects in the area have been announced as confidence returns to the Dubai property market.
Property prices have risen 18 per cent in prime locations during the first quarter, according to a report by Jones Lang LaSalle on April 14.
"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 report said.