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Damac Properties has launched the first units, including the first hotel from NAIA by Damac, at Akoya Drive, a 1.3km shopping strip at Akoya by Damac.
NAIA luxury hotel rooms and hotel apartments are being made available for investment with a starting price of Dh680,000. The project is expected to be completed in the first quarter of 2018.
''Since announcing the concept, we have been inundated with investors wanting to be part of Akoya Drive,'' said Niall McLoughlin, Senior Vice-President of Damac Properties. ''Given the heightened interest in the development, and Akoya by Damac as a whole, we have decided to bring forward sales on the first phase of the Akoya Drive project.''
The 28-storey NAIA Hotel has 500 units and owners are provided title deeds and a 40 per cent share in room revenue. The units are also offered with free 14 nights stay per year as well as no service or utility charges.
Based on an investment of Dh700,000, return on investment is projected between 11.2 per cent in the first year, rising to 14.4 per cent by 2020.
The NAIA Hotel Apartments offer investors the option of a rental pool. The project also includes a gym, a swimming pool and steam and sauna facilities.
Akoya Drive is similar in length to The Walk at Jumeirah Beach Residences and reflective of Rodeo Drive in Beverly Hills, The Croisette or Champs Elysees in Paris. It will include high-end food and beverage and retail outlets.
The shopping strip also includes four dedicated areas for family entertainment, including a golf putting green, an outdoor ice skating rink, an interactive children's play area and a large outdoor cinema screen.
Source: Property Weekly