Damac's Dubai South hotel Almost Complete
October, 09th 2017One of Damac's Dubai South projects the Damac Maison de Ville Celestia, which is an off-plan hotel apartment project is due for completion in 2018.
Construction on the multi-tower complex "is on an advanced stage of completion, with building works 90% complete".
Meanwhile, Ghalia and Tower 108, two hotel apartment towers, in Jumeirah Village Circle are also being built by the firm.
Development activities for both towers – including block, plastering, and internal, as well as mechanical, electrical, and plumbing (MEP) works – are "at varying stages of completion".
80% of the Damac's hotel apartment projects in New Dubai and Dubai South are already sold.
Commenting on the company's performance and hospitality portfolio, Niall McLoughlin, senior vice president at Damac, said: "As construction ramps up in preparation for Expo 2020 Dubai, it is no surprise that investors are looking for real estate in this district to reap the highest rental yields early before demand drives prices up.
"Dubai continues to expand so end users and investors are increasingly attracted to the proposition of living in new, affordable communities that offer the same amenities available in busy metropolitan areas.
"We have noticed a marked increase in inquiries and sales transactions for these projects.”
The company's Damac Maison de Ville Tenora is its first completion in Dubai South, and has seen significant demand from investors and end-users.
"As we near Expo 2020 Dubai, sales and rental prices of units in Dubai South and the surrounding areas are likely to increase due to the rising demand by tourists and business visitors," McLoughlin explained.