DAMAC Properties, the largest private luxury developer in the Middle East, announced the launch of a number of luxury real estate projects across the region during the first half of the year, with luxury serviced hotel apartments accounting for the largest share of units set to come online. The positive reception to these projects indicates gains in popularity of the luxury serviced apartment category for investors from Saudi Arabia in particular, and the GCC as a whole. The exclusive sale of units in DAMAC Esclusiva was launched last month and resulted in more than 3,200 investors registering for this first-of-a-kind luxury project which is strategically located overlooking the Kingdom Tower in Riyadh. DAMAC Esclusiva Luxury Serviced Hotel Apartments is the result of a strategic partnership with the world-renowned brand FENDI. The 150m tower located on King Fahad Street in Riyadh will offer more than 100 serviced apartments, with refined luxurious interiors by the Italian fashion house. Construction on this iconic project is ongoing, with the structure currently having reached the third floor. DAMAC Esclusiva is due for completion in the beginning of 2016 and will set a new standard for luxury and high-end living in the Saudi capital. “Our partnership with FENDI on this project reflects the highest quality, exclusivity and class and we are very pleased with the positive response to the offering. The level of interest that we have received from the Saudi market is particularly encouraging and reveals the direction in which investor sentiment in real estate assets is headed,” said Ziad El Chaar, Managing Director, DAMAC Properties. DAMAC Esclusiva Luxury Serviced Hotel Apartments in Riyadh is a contemporary FENDI space inspired by Oriental tradition. The project will be managed by DAMAC Properties' own hospitality division, DAMAC Maison, a five-star hotel and personal service Management Company, to provide the levels of luxury expected of VIP residents. The apartments will feature fully-equipped kitchens, private parking, apartment servicing facilities, special in-room beauty services and childcare in addition to a 24-hour kids club. El Chaar added: “Our partnership with FENDI brings together two visionary luxury brands and we are confident that the end product will offer every desirable aspect of high-end living with DAMAC Esclusiva being the most sought after luxury real estate choice in the city.” The two companies will also collaborate on the interiors for exclusive private apartments in DAMAC Residenze in the Dubai Marina. The two projects are not only furnished with distinctive pieces from the FENDI Casa collection: the whole of the interior design is conceived by FENDI. Both projects have garnered a great deal of interest from international investors especially Saudi's looking for strategic investment opportunities in areas that are showing an impressive rise in real estate returns. Each apartment will be fully designed by FENDI Casa reflecting the authenticity, desirability and uniqueness so strongly associated with FENDI. The reception and lobby areas of both the towers will also be styled by the FENDI Casa team to create a luxurious experience from the moment guests' step inside. Additionally both projects will also offer luxurious spa services, pools, gymnasiums, health clubs, restaurants and cafes. — SG
