Dubai’s Damac Properties makes US entry by winning $120m bid in Miami

UAE-based Damac Properties has won a $120m bid to acquire land in the upscale Miami neighbourhood of Surfside.

The developer plans to build an ultra-luxurious, Cavalli branded condominium project.

The property, on Collins Avenue, will offer residents 200 feet of direct beach frontage and access to South Beach and Bal Harbour.

The land, comprising 1.8 acres, was sold to Damac for $120m through a court process. The Surfside project will be Damac’s first in the US.

Surfside includes other ultra-luxury condominium developments such as Four Seasons Private Residences, the Fendi Chateau Residences, as well as the Arte Surfside buildings.

There are also a number of high-end hotels within the town including the Four Seasons, St. Regis Bal Harbour, the Ritz-Carlton Bal Harbour.

“Damac Properties has long been eyeing development opportunities in Miami. We see the city, which is known for being a luxury and fashion centre, as a natural fit for our company, which has an established reputation for its branded luxury offerings,” said Damac chairman and founder, Hussain Sajwani.

“Our global expansion into the United States marks a major milestone and demonstrates that Damac is a force to be reckoned with. This is an exciting time, and we have a lot in store.”

Apart from the US, the Dubai-based Damac Properties is also expanding its global footprint including into Europe with its Damac Towers Nine Elms in the Zone 1 district of London with Versace interiors.

It is also developing a luxury resort in the Maldives which will be operated by Mandarin International and it already has projects in Canada, the UK and across the Middle East.

Last year, Damac Properties launched two projects in Dubai, Damac Lagoons, the developer’s third master community in Dubai, and Cavalli Tower, an ultra-luxurious 70-storey tower overlooking Palm Jumeirah.

“We are rapidly growing, not only in our real estate endeavours but in various sectors such as fashion, hospitality and even emerging industries such as the Metaverse, NFTs and data centres. This enables us to stay ahead of the curve,” said Sajwani.

Damac Group, the parent company of property development company Damac Properties, last month announced plans to enter the metaverse. Damac plans to invest up to $100m for its latest project to build digital cities. The metaverse project will be run under a division called D-Labs which will be led by Ali Sajwani, who will serve as CEO of D-Labs as well as Damac general manager.

Read: UAE’s Damac Group to invest $100m in metaverse project