Damac Properties is banking on a return of off-plan apartment sales and a tie-up with the Italian fashion label Fendi in marketing two new developments in Dubai and Saudi Arabia.
Construction work on projects in the Dubai Marina and opposite Kingdom Tower in Riyadh is 20 per cent complete, Damac's managing director Ziad El Chaar said yesterday during the Dubai-based company's first press conference since the property crash in 2008.
Mr El Chaar pledged that Damac would announce new projects only when construction work was well under way, wary of how the market overheated during the exuberant off-plan selling of the boom years.
"Real estate announcements are back in Dubai," Mr El Chaar said. "We'll only be launching projects these days when construction has started - and construction in both projects are very close to the 20 per cent level. So these … are the days of a suit and a hard hat - and not only a beautiful suit and beautiful announcements."
Damac's 335-metre-high Dh1.2 billion (US$326.7 million) Damac Residenze tower is located between the Grosvenor House hotel and the Marriott in Dubai Marina. When completed, the development will comprise 500 apartments, the top 200 of which will be designed by Fendi. Damac hopes to attract investors from the United Kingdom, India and the Commonwealth of Independent States to buy apartments off plan, with prices in the range of Dh30,000 per square metre, or Dh3m per apartment.
In Riyadh, Damac is working on its Dh800m Damac Esclusiva tower comprising 100 serviced apartments, all of which will be designed by Fendi. Prices will average out at about 30,000 Saudi riyals (Dh29,382) per metre, Damac said, although it added that investment in the tower would be by invitation only.
Mr El Chaar said the Dh2bn cost of the projects would be financed entirely through Damac's balance-sheet funds and off-plan sales.
"I hope all of the Dh2bn comes from the off-plan sales because it then means that the sales process is successful," he said.
"This is what we are looking for. We are an experienced company, we know our market and we have already 12,000 units under development. The demand for real estate in this market never stopped. What we had before was a liquidity crunch. Now the liquidity is coming back into the market and we can see the growth coming back into the market. You can't have growth without liquidity, especially when it comes to off-plan sales."
Mr El Chaar declined to say how much Damac had paid to get Fendi on board to design the apartments, calling it a "private deal". But he said that in Damac's previous branded apartment schemes in Lebanon and Jeddah, units had sold for a premium of about 20 per cent compared with the developer's other apartments.
"Fendi and the Arab world both stand for tradition and together this is a very strong partnership," Fendi's honorary president Carla Fendi said in an interview. "For both cultures the home is very important - they are like Siamese twins in this respect."
Meanwhile Nakheel was also hoping to benefit from off-plan sales in Dubai.
The developer at the centre of the 2009 Dubai World crisis announced the sales launch for 33 studio apartments at its Club Vista Mare scheme on Dubai's Palm Jumeirah costing Dh1.15 million each. The scheme, which will be linked to the Nakheel Mall and Hotel will also include eight cafes and restaurants, as well as shops and a gym.
Construction work is scheduled to begin in mid 2013, with anticipated completion in early 2015.
lbarnard@thenational.ae
The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
The specs: 2018 Harley-Davidson Fat Boy
Price, base / as tested Dh97,600
Engine 1,745cc Milwaukee-Eight v-twin engine
Transmission Six-speed gearbox
Power 78hp @ 5,250rpm
Torque 145Nm @ 3,000rpm
Fuel economy, combined 5.0L / 100km (estimate)
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
No Shame
Lily Allen
(Parlophone)
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Captain Marvel
Director: Anna Boden, Ryan Fleck
Starring: Brie Larson, Samuel L Jackson, Jude Law, Ben Mendelsohn
4/5 stars
The biog
Name: Younis Al Balooshi
Nationality: Emirati
Education: Doctorate degree in forensic medicine at the University of Bonn
Hobbies: Drawing and reading books about graphic design
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IF YOU GO
The flights
FlyDubai flies direct from Dubai to Skopje in five hours from Dh1,314 return including taxes. Hourly buses from Skopje to Ohrid take three hours.
The tours
English-speaking guided tours of Ohrid town and the surrounding area are organised by Cultura 365; these cost €90 (Dh386) for a one-day trip including driver and guide and €100 a day (Dh429) for two people.
The hotels
Villa St Sofija in the old town of Ohrid, twin room from $54 (Dh198) a night.
St Naum Monastery, on the lake 30km south of Ohrid town, has updated its pilgrims' quarters into a modern 3-star hotel, with rooms overlooking the monastery courtyard and lake. Double room from $60 (Dh 220) a night.
Company%20Profile
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DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
Company%20Profile
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RACE SCHEDULE
All times UAE ( 4 GMT)
Friday, September 29
First practice: 7am - 8.30am
Second practice: 11am - 12.30pm
Saturday, September 30
Qualifying: 1pm - 2pm
Sunday, October 1
Race: 11am - 1pm
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
EMIRATES'S%20REVISED%20A350%20DEPLOYMENT%20SCHEDULE
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COMPANY%20PROFILE
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Villains
Queens of the Stone Age
Matador
COMPANY%20PROFILE
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Confirmed%20bouts%20(more%20to%20be%20added)
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RESULTS
2.15pm: Al Marwan Group Holding – Handicap (PA) Dh40,000 (Dirt) 1,200m
Winner: SS Jalmod, Antonio Fresu (jockey), Ibrahim Al Hadhrami (trainer)
2.45pm: Sharjah Equine Hospital – Maiden (PA) Dh40,000 (D) 1,000m
Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout
3.15pm: Al Marwan Group Holding – Handicap (PA) Dh40,000 (D) 1,700m
Winner: Inthar, Saif Al Balushi, Khalifa Al Neyadi
3.45pm: Al Ain Stud Emirates Breeders Trophy – Conditions (PA) Dh50,000 (D) 1,700m
Winner: MH Rahal, Richard Mullen, Elise Jeanne
4.25pm: Sheikh Mansour bin Zayed Al Nahyan Cup – Prestige Handicap (PA) Dh100,000 (D) 1,200m
Winner: JAP Aneed, Ray Dawson, Irfan Ellahi
4.45pm: Sharjah Equine Hospital – Handicap (TB) Dh40,000 (D) 1,200m
Winner: Edaraat, Antonio Fresu, Musabah Al Muhairi
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FOLD5
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Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars