Damac Announces Sale of Units In AKOYA Drive Hotel Project

Dubai’s Damac Properties has announced that units in its NAIA Hotel and Hotel Apartments, located in the AKOYA development, are being made available for sale with a starting price of Dhs680,000.

The 28-storey, 500-units NAIA Hotel is located in AKOYA Drive – a 1.3km shopping strip launched recently by the developer.

The units provide a 40 per cent share in room revenue to owners, Damac said in a statement. They come with a title deed and 14 free nights stay a year and zero service and utility charges.

“Based on an investment of Dhs700,000, return on investment is projected between 11.2 per cent in the first year of operations, rising to 14.4 per cent by 2020,” the statement added.

The NAIA Hotel Apartments development offers investors the option of a rental pool for all units to benefit from living in and earning returns when checking out, said Damac. Apart from fully-serviced apartments, the project includes a gymnasium, swimming pool, and steam and sauna facilities.

The entire project is expected to be completed in Q1 2018.

AKOYA Drive, billed as being reflective of Rodeo Drive in Beverly Hills and Champs Elysees in Paris, will include high-end food and beverage, retail shopping and family entertainment options.

The shopping strip includes a golf putting green, an outdoor ice-skating rink, an interactive kids play area and a large outdoor cinema screen.

“Since announcing the concept, we have been inundated with investors wanting to be part of AKOYA Drive,” said Niall McLoughlin, SVP, Damac. “Given the heightened interest in the development, and AKOYA as a whole, we have decided to bring forward sales on the first phase of the AKOYA Drive project.”

The AKOYA master development is a 42 million square foot golf community off Umm Suqeim Road in Dubai. The project includes mansions, villas, luxury apartments and a retail centre all around the Trump International Golf Club, Dubai. The project also includes 4.3 million sq ft of open parkland.