aldar properties

Properties by DAMAC

Operating for over 19 years, DAMAC Properties has changed the real estate landscape across the Middle East with its premium residential, commercial and leisure projects. Besides the UAE, the real estate conglomerate has delivered various properties in the UK, Jordan, Lebanon and Qatar among other countries. As of March 2021, DAMAC Properties has delivered 33,000 upscale homes, with 33,000 more currently in various stages of planning and progress across the Middle East.


About DAMAC Properties

DAMAC Properties was founded in 2002 by the Emirati billionaire Hussain Sajwani. In 2013, it was the first Middle Eastern real estate company listed on the LSE (London Stock Exchange). Later, in 2015, the company started trading in Dubai as well. The company owns three subsidiaries: DAMAC Maison, DAMAC Properties Development Co. LLC and DAMAC Real Estate Limited Development.

Up until June 2021, Hussain Sajwani had been a chairman of DAMAC Properties, however he had to resign to avoid a conflict of interest after he announced his intention to take the company private on June 9, 2021. Hussain Sajwani, who owns about 72% of DAMAC's shares, launched a AED 2.18B (USD 595M) bid for the remaining 28%. It is worth mentioning that this is almost a 45% discount to the developer's local listing in 2015. The bid was the latest in a series of similar transactions in the UAE which are aimed at buying out minority shareholders at a discount.

Following the resignation of Mr. Sajwani, DAMAC Properties has appointed a new Chairman – Farooq Arjomand, who was previously the Vice Chairman of the master developer. He is also a founding board member of Emaar Properties and Amlak Finance.

DAMAC Properties is known for supporting the campaigns of His Highness Sheikh Khalifa bin Zayed Al Nahyan and the efforts of the UAE Red Crescent. In fact, the company has been pledging major donations to various organizations over the years. For instance, in April 2020, the Hussain Sajwani-DAMAC Foundation contributed AED 1M (USD 272K) to provide food to those affected by the coronavirus pandemic in the UAE.
Marina Bay by Damac Properties offers impressive design 1, 2 & 3-bedroom apartments and townhouses located at Al Reem Island, Abu Dhabi.
A La Carte Villas is a residential community which offers off-plan villas with 3-5 bedrooms and minimal total area of 2,243 sq. ft.
Oceanscape is a three-tier development located in Shams Abu Dhabi, which is part of the Al Reem Island; one of the most prestigious areas of Abu Dhabi.
The project offers 3, 4, 5, 6 and 7-bedroom townhouses & villas in new Dubai's residential community with a soothing and refreshing view of a lagoon with crystal clear water. DAMAC Lagoons Portofino is an ideal choice for young couples and families with children or beach lovers.

Famous Properties by DAMAC Properties

DAMAC Properties has an impressive real estate portfolio ofquality projects all over the world. The company has collaborated with multiple internationally-recognized brands, such as Fendi Casa, Just Cavalli, Versace Home, Rotana, Radisson, Paramount Hotels & Resorts and The Trump Organization.

In fact, the developer has built the Middle East's only Trump-branded golf course, the first ever Paramount-branded hotel and residences in the world, as well as one of London's tallest residential towers. Among other remarkable projects, DAMAC Properties has also developed DAMAC Marina in Qatar, the award-winning Park Towers, Ocean Heights, Marina Terrace in Dubai and Al Jawharah which is aVersace co-branded project in KSA.

DAMAC Tower Nine Elms London is the premier development by DAMAC in the UK. The tower is located in the sought-after location of London's South Bank, in the Nine Elms area, and once completed it will feature 450 residential units with interiors by Versace for sale and to rent. The residences will include studios, 1, 2 and 3-bedroom residences and penthouse apartments. Homeowners of the luxury development will be able to benefit from a range of world-class amenities such as a rooftop garden, residents' lounge, private cinema and children's play area. According to the master developer, almost 60% of the 50-storey project has been sold out since November 2020.

Paramount Hotel & Residences is a 66-storey mixed-use project located between Downtown Dubai and Dubai Design District. The construction was launched in September 2014, and as of June 2021, it had reached 95% completion. The 66-storey building will be home to approximately 826 units including studios as well as 1, 2 and 3-bedroom apartments. End-users of the hotel residences with stunning Hollywood designs will be able to enjoy various amenities such as a luxury spa, gyms, a lounge area and a fitness center as well as a range of gourmet restaurants. Additionally, the Paramount Hotel & Residences will feature a rooftop infinity swimming pool and a private Paramount Pictures screening room.

Marina Bay in Reem Island, Abu Dhabi features exclusive waterfront property for sale and to rent. Developed by world-famous designers and architects, the project features smart technology and elegant interiors. Marina Bay comprises two towers with spacious apartments suitable for any type of homebuyer. There is a possibility to choose from a sophisticated collection of 1, 2 and 3-bedroom apartments. The premium development is located close to restaurants, schools and shopping malls and will have attractive features including a swimming pool, jacuzzi and retail area on the ground floor. Marina Bay was fully completed in December 2016.

Off-Plan Properties by DAMAC Properties

As of June 2021, DAMAC Properties has over 20 off-plan residential projects in Dubai. For instance, in its flagship community of DAMAC Hills 2, previously known as Akoya, there are a number of properties under construction including Victoria, Aquilegia, Fiora, Amora and Just Cavalli Villas, just to name a few. As for DAMAC Hills 2 which features a Trump International Golf Club, there is also a range of properties under development such as Kiara, Carson and The Trump Estates 3, among others.

Just Cavalli Villas is a collection of standalone 3BR villas and townhouses with stunning designs by none other than world-famous Roberto Cavalli. The branded residences offer a sublime waterfront view, and are sold with kitchen appliances, walk-in closets and built-in wardrobes. Set at DAMAC Hills, Just Cavalli Villas are surrounded by lush green areas and provide full access to a range of community amenities. These include a fitness club, a luxurious spa and wellness center. The estimated completion date of the premium development is Q4 2021. End-users and investors can purchase 3BR townhouses for the starting price of AED 1,105,000 (USD 301,000) and 3BR villas for AED 1,100,000 (USD 300,000).

Greenwoods is one of the latest residential developments by DAMAC, launched in May 2021. The luxurious project in DAMAC Hills will feature a single row of 48 upscale villas with three and four bedrooms. The residences are sold unfurnished, providing an opportunity to customize the living space according to one's preferences and requirements. Homeowners of Greenwoods will have full access to the ultimate amenities such as a golf course, swimming pool, children's play area and retail facilities. One of the distinctive features of Greenwoods villas is a starry façade with imbedded glittering LEDs. The built-up area ranges from 1,485 to 2,992 sq. ft, while the starting price for a luxury residence is AED 1,688,000 (USD 460,000).

Fiora at DAMAC Hills 2 is a premium residential complex which consists of two towers. Homebuyers can choose from a range of studios as well as 1, 2 and 3-bedroom apartments in the upcoming development. Residents of Fiora will be able to benefit from various facilities right on their doorstep. Apart from a supermarket and a gym, there are the following world-of-class amenities available: a Malibu style beach, wave surfing, football field, running track, Go-karting circuit, amphitheater and stables. The starting price for residences in Fiora is AED 300,000 (USD 82,000).

Economic Appeal of DAMAC Properties

In 2020, DAMAC Properties had revealed losses of more than AED 1B (USD 272M) which were caused by the global pandemic. According to Arabian Business, its total revenues stood at AED 4.7B (USD 1.3B), while in 2019 the total number of transactions amounted to AED 4.4B (USD 1.2B). The booked sales had dropped to AED 2.3B (USD 626M) compared to AED 3.1B (USD 844M) in 2020.

According to the founder of DAMAC Properties, Hussain Sajwani, 2020 was a challenging year due to the global economy and the travel and tourism industries being particularly affected. Mr. Sajwani stated that it will take 1-2 years for the real estate sector to fully recover.

Despite its weak performance over 2020, DAMAC Properties is still well-positioned to play a leading role in the further reshaping of the real estate market across the Middle East. It is worth mentioning that DAMAC Properties was one of the few developers which recovered in a short period of time after the 2008 financial crisis. DAMAC Properties prides itself on completing its projects on time and choosing prime locations for its properties. The main strategy of the company's financial management is paying the majority of construction costs from installment payments received on sales of properties which has a positive effect on investments, making them risk-free and secure.