NAIA Tenora from DAMAC Properties Provides Serviced Living Accommodation in Flagship 145 sq km City

Dubai, United Arab Emirates: 2 September 2015: Luxury real estate developer DAMAC Properties is to deliver the first homes within the Dubai's flagship project, Dubai South, within the next six months.

The 145 sq km city, which includes the Al Maktoum International Airport and the site for the World Expo 2020, has been re-branded as a new urban and economic centre focussed on creativity and empowerment.

NAIA Tenora will be the first luxury serviced hotel apartments to be opened on the site when construction is completed. The 10-storey, 270 unit tower in the heart of Dubai South will support the tens of thousands of professionals working to build the Expo 2020 site, and it is ideally located for the city's future growth.

"Dubai South is the real pearl in the expansion plans for Dubai and NAIA Tenora will sit right at the heart of this exciting project," said Niall McLoughlin, Senior Vice President, DAMAC Properties. "This serviced living concept will provide everything you would expect from a five star hotel, with access and convenience alongside luxury living."

The government, quoting a report by consultancy firm Oxford Economics, has estimated Expo 2020 will attract 25 million visitors over the six months and create around 277,000 jobs. Over the coming years, Dubai and the UAE is set to benefit from an estimated US$6.9 billion (AED25.3 billion) in infrastructure projects. It forecasts a boost to gross domestic product of more than US$38 billion (AED140 billion), equivalent to around 44 percent of the 2012 total.

In addition to the fully-furnished units, with concierge, restaurants, stat-of-the-art gymnasium and a children's play area, units within NAIA Tenora can also be added to a rental pool, offering a fully managed solution for investors looking to tap into Dubai's booming tourism and hospitality market.

"Owners at NAIA Tenora can benefit from all of the luxurious services and live in the unit themselves, or they can opt to rent it out through our unique rental pool system and we will look after sourcing tenants, collecting rent and managing the unit on their behalf - a perfect, stress-free solution to capitalise on the growth in Dubai South."

All of the block work and plaster work has been completed at NAIA Tenora, with the tiling and external finishes close to completion.

In addition to NAIA Tenora, DAMAC Properties is developing a second serviced living project in Dubai South, NAIA Celestia, which will be ready in 2017.

Already home to the Al Maktoum International Airport and World Expo 2020, Dubai South is now building economic zones to empower business and entrepreneurship, as well as residential villages to provide an unrivalled quality of life.

Further information is available at www.damacproperties.com

DAMAC Properties has been at the forefront of the Middle East's luxury real estate market since 2002 - bringing luxury living experiences to residents from all over the world. Making its mark at the highest end of stylish living, DAMAC Properties has cemented its place as the leading luxury developer in the region, offering iconic design and the upmost quality. The company's footprint now extends across the Middle East with projects in the UAE, Qatar, Saudi Arabia, Jordan and Lebanon.

As of 30th June 2015, DAMAC Properties has delivered 14,375 homes and has a development portfolio of over 37,000 units at various stages of progress and planning. Included are more than 10,000 hotel rooms and serviced hotel apartments under development, which will be managed by its hospitality arm, DAMAC Hotels & Resorts. 

With vision and momentum, DAMAC Properties is building the next generation of Middle East luxury living.

Further information is available at www.damacproperties.com or join DAMAC Properties on Facebook, Twitter (@DAMACOfficial) and YouTube.

For more information please contact: Niall McLoughlin, Senior Vice President - Corporate Communications, DAMAC. Tel: +971 4 3731000 │ Fax: 00 9714 3732335 │Email: niall.mcloughlin@damacgroup.com

© Press Release 2015