Dubai’s Damac to launch Akoya land plots, JVC apartments

Dubai property developer Damac has revealed plans to launch land plots for its Akoya golf development and serviced hotel apartments at a new tower in Jumeirah Village Circle.

The land plots, feature low annual community fees with an extended time to build of up to 10 years, according to the developer.

They will be released at an event at Emirates Towers on August 20 with a starting price of Dhs 600,000 ($163,000).

“Investments in golf communities typically enjoy higher returns as supply remains limited and are considered more financially stable than investments in financial instruments,” said Damac managing director Ziad El Chaar.

At the same event the developer will also launch its 33-storey Tower 108 serviced apartment building, located in JVC.

Damac said it expected the apartments, which it will operate under its Maison de Ville arm, to appeal to visitors and residents.

The property developer has launched several new developments this year despite a continued slowdown in the Dubai real estate market.

Read: Dubai office, residential rents face ‘downward slope’ following Brexit

It currently has 44,000 units at various stages of planning and progress, including 13,000 hotel rooms, serviced apartments and villas.

These include last month’s The Beach at Navitas Hotel & Residences complex.

Read: Dubai’s Damac launches hotel, residences complex at Akoya Oxygen

In June the developer said it had awarded 35 contracts worth Dhs 3bn ($816.7m) in the first quarter of the year.

Read: Dubai’s Damac awards 25 contracts worth Dhs 3bn in Q1 2016