x Abu Dhabi, UAETuesday 25 July 2017

Damac brings forward launch of first Akoya Drive units in Dubai

Developer to launch NAIA Hotel and Hotel Apartments having been 'inundated' by investors since unveiling Akoya Drive project.

Damac's NAIA Hotel scheme at Akoya Drive. Courtesy Damac
Damac's NAIA Hotel scheme at Akoya Drive. Courtesy Damac

Damac says it has brought forward the launch of the first units on its Akoya Drive project in Dubai having been “inundated” by investors.

The developer last week unveiled plans for the 1.3km shopping strip - complete with the UAE’s first outdoor ‘ice’ skating rink - echoing the likes of Rodeo Drive in Beverly Hills and The Walk at Jumeirah Beach Residence.

And because of the response, it is making available units at the scheme’s first hotel, NAIA by Damac, which will feature both luxury rooms and hotel apartments.

“Since announcing the concept, we have been inundated with investors wanting to be part of Akoya Drive,” said Niall McLoughlin, the senior vice president, Damac Properties.

“Given the heightened interest in the development, and Akoya by Damac as a whole, we have decided to bring forward sales on the first phase of the Akoya Drive project.”

Prices start at Dh680,000, and the project is expected to be completed during the first quarter of 2018.

The 28-storey NAIA Hotel has 500 units, which will provide a 40 per cent share in room revenue to owners, according to Damac. The units come with title deed and 14 free nights stay per year.

A second building will house the NAIA Hotel Apartments, which Damac says will “offer investors the option of a rental pool for all units to benefit from living in and earning returns when checking”.

Akoya Drive is part of Damac’s 42 million square foot Donald Trump-designed golf course-led development off Umm Suqeim Road.

“Akoya Drive is going to create a thriving hub where home and entertainment combine with the quality serviced living in the best golf development in the world,” said Mr McLoughlin.

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