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Damac Properties announced the launch of its first serviced hotel apartment project in Business Bay, Dubai, to be managed by its new operations brand, Naia by Damac.
The brand has launched the next phase of the 16-storey, 131-unit Capital Bay project, which comprises studio and one-, two- and three-bedroom serviced apartments. Construction will begin soon, with pre-launch prices starting at Dh1.03 million. The project will be completed in the fourth quarter of 2016.
All units in Naia by Damac buildings come equipped with fully fitted kitchens as well as maid services and access to restaurants, kids' clubs and swimming pools.
Niall McLoughlin, Senior Vice-President, Damac Properties, said, ''With Dubai projected to be the most visited city in the world in the next few years, there is a huge focus on the industry, particularly on what luxury developers are preparing to offer to tourists. Hence, we decided to intro- duce the new Capital Bay tower to the market straight away.''
Statistics issued by JLL last week support the predicted growth in hotel occupancy and rates in the coming years. The numbers also revealed that the positive trend in tourism is expected to continue due to the emirate's increasing popularity as a destination backed by the government's pro-tourism initiatives.
Naia by Damac operates a rental pool model, allowing customers to add their units to a management programme to benefit from rental income without the hassle of sourcing tenants. The brand's experienced team will be responsible for marketing, sourcing occupants and managing day to-day operations.
Other projects in the Naia by Damac portfolio are Naia Downtown Akoya, Naia Miracle Garden, Naia Dubai World Central, Naia Jumeirah Village, Naia Business Bay and Naia Al Maktoum Airport Street. There are more than 3,800 units under development.
Source: Property Weekly