Developer Damac Properties is to bring its new hotel brand, Naia by Damac, to its recently-announced luxury shopping strip in Dubai.
As previously reported, the company is planning a 1.3 kilometre shopping and entertainment strip in Dubai, which will aim to recreate the success of Rodeo Drive in Beverly Hills and the Champs Elysees in Paris.
The developer has now launched the first units in the project, including the Naia Hotel Rooms and Hotel Apartments, which will have views across the Trump International Golf Club.
The 28-storey property will have around 500 units and will provide a 40% share in room revenue to owners. The units come complete with title deed and 14 free nights stay a year as well as zero service and utility charges.
Based on an investment of AED700,000 (US $190,580), return on investment is projected between 11.2% in the first year of operations, rising to 14.4% by 2020. With a starting price of AED680,000 (US $185,135), the project is expected to be completed in the first quarter of 2018.
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"Since announcing the concept, we have been inundated with investors wanting to be part of AKOYA Drive," said Damac Properties SVP Niall McLoughlin.
"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."
In addition to the Naia Hotel, a second building will feature Naia Hotel Apartments managed by Naia by Damac, offering spacious living, with tastefully appointed interiors and fully fitted kitchens.
These hotel apartments offer investors the option of a rental pool for all units to benefit from living in and earning returns when checking out. The project also includes a gymnasium, swimming pool, and steam & sauna facilities.
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