Saturday, February 18, 2012

Damac promises guaranteed annual rental returns on its new development


Damac Properties has promised 24% guaranteed annual rental return on all its units purchased at Burjside Terrace serviced apartment development in Dubai. This is its latest initiative in boosting real estate sales, and to increase investor confidence and stability in realty market in Dubai.

The developer is offering 8% guaranteed tax-free rental return in a span of three years.

The Senior Vice President at Damac, Niall McLoughlin, mentioned that such a secure guarantee is unheard of anywhere else in the world at present. He confirmed that there is no catch or no fine prints in this offer, and that it is being done to add value to company’s real estate proposition.

The rental guarantee will appeal to a range of investors seeking stable guaranteed returns on their investment. There is also scope for capital growth, which is an attractive investment proposition, McLoughlin added.
Damac Properties will take responsibility for leasing and managing the unit, eliminating stress for investor, he said.

The Burjside Terrace Serviced apartment, located on the platinum stretch of real estate within Downtown District in Dubai, is in proximity to The Burj Khalifa, world’s tallest building, and is directly opposite the Dubai Mall.

Burjside Terrace has Armani Hotel and Dubai’s iconic Address Hotel as neighbours, which distinguishes itself amongst its peers. Damac Properties Serviced apartment developments in Downtown Dubai will be managed by Damac Suites and Spa.

Damac Properties is currently focused on the serviced apartment development model, as construction continues at Burjside Boulevard on level 47, while the foundation and enabling works are completed at Burjside Terrace.

Serviced apartments are best in bridging the gap between luxury five-star hotels and residential properties. There is an extremely strong interest in this particular market segment, McLoughlin pointed out.

Damac Properties has been a major contributor to real estate revival of Dubai, and it continues to extend its portfolio of luxury products offering major investment opportunities.

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