Damac Dubai Advances Launch on Akoya Drive Project on Strong Investor Demand

Posted on 9th June 2014

Damac Properties announced on Sunday that it had advanced the launch of the first units on its prestigious Akoya Drive Project including the first hotel from NAIA on its Akoya Drive Shopping Strip Project in Dubai, on growing investor demand.

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The starting price for the NAIA luxury hotel rooms and Hotel Apartments for the project expected to be completed in Q1 2018 have been announced by the developer at AED 680,00 (US$ 185,133).

According to a news report by Arabian business, the 28-storey NAIA Hotel - AKOYA Drive - has about 500 units which provide a 40 percent share in room revenue to owners. The units come complete with title deed and 14 free nights stay a year as well as zero service and utility charges. Damac said that based on an investment of AED 700,000, return on investment is projected between 11.2 percent in the first year of operations, rising to 14.4 percent by 2020.

The Akoya drive project will also feature a second building in addition to the NAIA  hotel, the NAIA  Hotel Apartments managed by NAIA by Damac with an option of a rental pool for all units while living in and earning returns while checking out.

The shopping strip would also feature four dedicated areas with a family entertainment area, including a golf putting green, an outdoor ice-skating rink, an interactive kids play area and a large outdoor cinema screen. It is part of the Akoya by Damac master development, a 42 million square foot golf community off Umm Suqeim Road in Dubai. The project includes mansions, villas, luxurious apartments and a retail center all around the Trump International Golf Club, Dubai. Damac Properties said it has delivered almost 10,000 units to date and currently has a development portfolio of over 25,000 units at various stages of development.

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