UAE-Based DAMAC Properties Announces Rapid Expansion Plan Throughout Asia
Expectations for DAMAC Properties' global expansion rise even more in Asia Pacific and other international markets, with its newest office openings in Beijing and Singapore, as investor demand for the company's luxury portfolio.
DAMAC Properties, a real estate developer hailing from the UAE with a vision for global expansion, has unveiled the inauguration of new offices in Beijing and Singapore. These strategic moves underscore DAMAC's dedication to investing in and cultivating a strong presence in the Asia-Pacific region. As the largest private real estate developer in the UAE, with its headquarters rooted in Dubai since 1982, DAMAC has flourished into an impressive entity boasting a diverse portfolio. Spanning luxury real estate developments, hospitality ventures, data centres, retail outlets, fashion ventures, and ventures in capital markets, DAMAC has solidified its position as a multifaceted industry leader. In December 2023, DAMAC made waves by announcing its entry into the Chinese market, particularly in Shanghai, capitalizing on the escalating demand for both UAE properties and DAMAC's portfolio among high-net-worth and ultra-high-net-worth Chinese investors.
The official ribbon-cutting ceremonies and events in Singapore were graced by the presence of distinguished figures including H.E. Jamal Abdulla AlSuwaidi, Ambassador of The United Arab Emirates to the Republic of Singapore; Dr. Brian Shegar, President of the UAE Singapore Business Council; Mr. Mohamed Al Zarooni, UAE Head of Economic Affairs and Media, Singapore; and Hany Kotat, Vice President of International Sales at DAMAC Properties. Notable attendees also included CEOs and Heads of leading brokerage firms in Singapore such as Propex, Huttons, ERA, Orange Tee and Tie, and SRI.
Abbas Sajwani, Board Member, DAMAC Properties, commented: “Since 2002, DAMAC Properties has been synonymous with redefining luxury. We are excited as we expand our footprint further into APAC with our recent office openings in Beijing and Singapore. With excellence in our DNA, today we create products of the highest international standards. Across APAC, we see discerning, seasoned, high-value individuals who are looking to buy premium and quality developments for investments and as a home alike. We look forward to working with our partners in bringing DAMAC’s acclaimed global portfolio to APAC markets.”
Presently, DAMAC's extensive portfolio encompasses over 75 towers, multiple branded residences, expansive communities, hotels, and hotel apartments across 12 prominent global cities including Dubai, London, Toronto, and Riyadh. Among its acclaimed projects are DAMAC Tower Nine Elms London, the first Versace-branded luxury residence tower in Europe; Safa Two by de GRISOGONO, offering stunning views of the iconic Dubai Canal; Canal Crown by de GRISOGONO; and DAMAC Lagoons, the UAE's inaugural pre-certified LEED Platinum community, inspired by Mediterranean lifestyles. Anticipated projects include a Zaha Hadid Architects-designed condominium in Miami and a luxury resort in collaboration with Mandarin Oriental in the Maldives, poised to redefine luxury hospitality standards.
Anson Tay, Managing Partner, SRI: “Dubai’s property market and the city continue to be attractive for investors and residents from Singapore and across APAC. Dubai’s leading developers know and understand luxury craftsmanship in real estate developments well. DAMAC is one example that has delivered on promises with a whole range of luxury developments and investment opportunities.”
Michael Long, CEO, Senturion Real Estate: “A TrendLens report in 2023 from luxury consulting firm Agility revealed that more than 20% of Chinese millionaires were planning to visit the Middle East in 2024 with consumers having accumulated capital to invest in international real estate. Dubai and the UAE offer high yields, safety, speed, stability and an opportunity to own true luxury and quality with a developer like DAMAC.”
The DAMAC office in Singapore is situated at Asia Square Tower 1, Marina View, Marina Bay, Singapore, 11th Floor, Unit 06. Meanwhile, the DAMAC office in Beijing is located at East Tower, No.1 East Middle 3rd Road, Beijing, 4th Floor, Unit 03. Additionally, the Shanghai DAMAC Office is situated at 3 Corporate Avenue, 168 Hubin Road, Huangpu District, Shanghai, 25th Floor, Units 2510-2511. To efficiently cater to the burgeoning demand in both markets, DAMAC has established numerous agent partnerships, ensuring effective management and service delivery.
Comments