Dubai-based developer Damac will build a Cavalli-branded condominium project in Miami after winning a $120 million bid to acquire land in the city.
The property in Surfside, Miami, will be Damac’s first property in the USA. This comes after tailwinds in the Dubai property market have propelled the company to eye global opportunities for developments and growth, a press release said.
“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,” chairman and founder Hussain Sajwani said.
"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.”
Damac Properties, formerly listed on Dubai Financial Market (DFM), announced it was going private last year and was converted into a private company in March.
(Reporting by Imogen Lillywhite; editing by Daniel Luiz)