Feb 17 2012 |
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DAMAC Properties Offers 24% Rental Return Guarantee
MENA, 17 February 2012:In its latest initiative aimed at boosting property sales, luxury developer DAMAC Properties is offering a 24% rental return guarantee on all units purchased within its Burjside Terrace serviced apartment development in Dubai.
The developer is offering a guaranteed tax-free 8% annual rental return over three years, in a move aimed at increasing investor confidence in the stability and security of the property market in Dubai.
"A secure, guaranteed 8% annual return on investment is virtually unheard of anywhere in the world at the moment. There is no catch, no fine print, if you purchase a serviced apartment in our Burjside Terrace development, we will guarantee an annual 8% rental return, or a 24% total rental return over three years" said Niall McLoughlin, Senior Vice President, DAMAC Properties .
"We are adding value to our real estate proposition. The rental guarantee will appeal to a whole new league of investors, who are seeking high, stable, guaranteed returns on their investment. An 8% annual return in today's volatile investment climate gives investors a valuable peace of mind" Mc Loughlin commented.
DAMAC Properties will take responsibility for managing and leasing the unit, eliminating all stress for the investor.
The Burjside Terrace serviced apartment development is situated on the platinum stretch of real estate within Dubai's fashionable Downtown district, near the world's tallest building, The Burj Khalifa, and directly opposite the Dubai Mall. With the Armani Hotel and Dubai's iconic Address Hotel as neighbours, Burjside Terrace needed to distinguish itself amongst its highly acclaimed peers.
" DAMAC Properties was able to predict the likely demand for units in Burjside Terrace following the extraordinary success of the company's neighbouring serviced apartment development, Burjside Boulevard. We are so confident about the likely return on investment of units in Burjside Terrace that we decided to back all unit sales with a rental guarantee" said McLoughlin.
Both of DAMAC Properties ' serviced apartment developments in Downtown Dubai will be managed 'DAMAC Suites and Spa', the hospitality management company subsidiary of DAMAC. It offers services from housekeeping at the most basic level, to items such as personalised butler services and personal chef services at the higher end of the spectrum.
DAMAC Properties is strategically focused on the serviced apartment development model, with construction continuing at pace at Burjside Boulevard which is on level 47, and foundation and enabling works completed at Burjside Terrace.
"Serviced apartments bridge the divide between luxury five-star hotels and residential properties. We are seeing extremely strong interest in this particular market segment" McLoughlin pointed out.
Dubai is a vibrant, global business hub with world-class infrastructure; strategic location; established tourist destinations, proven business centres; a highly skilled expat workforce; and most importantly strong and stable government leadership. While these factors contribute to the transient nature of Dubai's population, the highly mobile workforce has created significant demand for serviced apartments.
The growth in Dubai's hospitality sector is now attracting foreign investors, who are seeking high yielding property assets.
"The rental yields alone are attractive for investors, and coupled with the tax-free investment landscape, property in the UAE is an extremely attractive asset class for any investor, anywhere in the world" concluded McLoughlin.
With 36 buildings, including 7374 units completed to date, DAMAC Properties continues to be a major contributor to Dubai's real estate revival. As it continues to extend its portfolio of luxury products, which offer significant investment opportunities, DAMAC Properties will be an enduring fixture in the Dubai landscape, and Dubai itself will continue to be a major draw for property investors.
About the Company
DAMAC Properties
was established in 2002, as a private residential, leisure and commercial developer in Dubai and the Middle East. Since then,
DAMAC Properties
has expanded rapidly into North Africa, Jordan, Lebanon, Qatar and Saudi Arabia.
DAMAC Properties has completed 36 buildings to date with 7374 units and spanning 13,132,484.00 sq feet with projects in Dubai such as The Crescent and Lago Vista at IMPZ, Executive Heights and Smart Heights in TECOM, Park Towers in the DIFC, Lake View and Lake Terrace at Jumeirah Lake Towers, Business Tower and XL Tower at Business Bay, Emirates Gardens and Tuscan Residences in Jumeirah Village and Ocean Heights, The Waves and Marina Terrace at the Dubai Marina.
DAMAC Properties also has a further 50 buildings at various stages of progress across the Middle East, North Africa region. These consist of 9849 units, spanning 16,886,151.00 sq feet.
In June 2010, DAMAC Properties further reinforced its position as a premium developer with the launch of DAMAC Tower in Beirut, Lebanon. A 28 storey iconic tower, this project is in association with Italian design group, VERSACE, with all interiors being designed by Versace Home. This was followed by the DAMAC Residences with Interiors by Versace Home, launched in Jeddah, Saudi Arabia in June 2011.
The company's projects are located in the most desirable and exclusive locations and are built to the highest quality specification that has become synonymous with the group. DAMAC Properties ' develop projects that include residential, commercial and leisure facilities that create an integrated community.
In addition to support services provided by the Dubai headquarters, the company's comprehensive Customer Care Program provides solutions through its vast network with offices in the UAE, Jordan, Lebanon, Egypt, KSA and Qatar.
Further information is available at www.damacproperties.com
For more information please contact:
Niall McLoughlin
Senior Vice President - Corporate Communications, DAMAC.
Tel: +971 4 04 3732190
Fax: 00 9714 3732335
Mobile +971 50 6531824
emaiI: niall.mcloughlin@damacgroup.com
Parisa Ansarian / Tameem Alkintar
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-4507600
Fax: 971-4-4358040
Email: p.ansarian@asdaa.com
t.alkintar@asdaa.com
© Press Release 2012
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