Dubai’s Damac unveils second high-rise at twin-tower project near Safa Park

The building was designed by Swiss jeweller de Grisogono, which was acquired by Damac last month

Damac's twin-tower project near Safa Park in Dubai. The developer continues to build its portfolio in the emirate amid the recovery of the property market. Photo: Damac

Dubai’s Damac Properties has unveiled the second high-rise at its twin-tower project near Safa Park as the UAE’s property market continues to rebound from the coronavirus-induced slowdown.

The developer is teaming up with Swiss jeweller de Grisogono on the luxury project with more than 80 floors, named Safa Two, it said on Wednesday.

In March, Damac revealed details of the Safe One tower, which was also launched in partnership with de Grisogono.

The architecture of the project “recollects a signature gem from founder Fawaz Gruosi’s collection, a highly sought-after 45.39-carat natural ruby ring ‘Virgin Scarlet',” Damac said.

However, it did not provide details of the total cost of the project or the construction timetable.

Damac Group, the parent group of Damac Properties, acquired de Grisogono last month, further diversifying its holdings. It did not disclose the price of the deal.

De Grisogono, which was established in 1993 by Mr Gruosi, is known for its “Creation I” necklace, which featured the largest flawless “D-colour” diamond in the world and fetched $33.7 million at an auction in 2017. It filed for bankruptcy in 2020.

Designed as one, both towers will be interlinked at the base, middle and crown by unique defining features, including a “ruby heart” at the centre and a floating pool on the 60th floor, said Damac.

Safa Two will feature extensive green features across living units and public spaces similar to Safa One tower, apart from other amenities such as a viewing deck and food and beverage outlets, it said.

It will also have a “Fog Forest” at the crown of the tower, featuring lush landscape and man-made fog.

The launch of the new project comes as the UAE’s property market continues to recover from the Covid-19 pandemic on the back of government initiatives such as residency permits for retirees and remote workers, as well as the expansion of the 10-year golden visa programme and the economic boost generated by Expo 2020 Dubai.

The value of property deals in Dubai more than doubled last year and broke a 12-year record in terms of sales transactions, buoyed by demand in the secondary real estate market, according to listings portal Property Finder.

During the first quarter of this year, villa sales in Dubai surged 40 per cent annually and apartment prices increased 22 per cent amid a broader recovery in the country's property market, according to Asteco.

Damac, which purchased Italian fashion house Roberto Cavalli in 2019, also recently won a $120m bid to acquire land in the upscale Miami district of Surfside, where it plans to build an ultra-luxurious, Cavalli-branded condominium project.