Damac Properties launches Dubai project designed by Swiss jeweller de Grisogono

The twin-tower Safa One development will feature a tropical island, artificial beach and hanging gardens

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A new development launched by Damac Properties in Dubai has been designed to replicate a masterpiece necklace.

The developer has teamed up with the Swiss jeweller de Grisogono for the twin tower Safa One scheme, situated on the edge of Safa Park.

"The architectural design of the building replicates a masterpiece necklace created by Fawaz Gruosi, the founder of de Grisogono," Damac said on Wednesday.

"Unique to the design and the tower-duo is the deep, royal shade of emerald green, which will be a signature identity of this ultra-luxury residential complex."

Damac said the theme of the project is "The Nature of Luxury", with lush garden terraces and hanging gardens, an artificial beach and swimming pool.

The higher Tower A will have an urban tropical island "with cascading waterfalls, plentiful plants, as well as the sounds and sights of exotic birds".

One, two and three-bedroom apartments will be available on the luxury levels, while super luxury levels will feature two, three, four and five-bedroom apartments. Prices start at Dh1.6 million ($453,610).

A jewellery-themed property development has been done in Dubai before, with the Swarovski-inspired Sparkle Towers at Dubai Marina. Other fashion-based property link-ups in the city include Cavalli Villas by Damac, the Palazzo Versace Residences, and the Armani Hotel at the Burj Khalifa. Damac also has Versace-branded apartments at its Nine Elms development in London.

Shares of Damac stopped trading on the Dubai Financial Market on February 15 after a notice period to take the company fully private ended and it received no objections.

Maple Invest, a vehicle fully owned by Damac’s founder Hussain Sajwani, submitted an offer last year to acquire the developer.

The developer has struggled to remain profitable in recent years. It narrowed its net loss for the 2021 financial year to Dh531m from Dh646m recorded a year earlier, it said last month.

Total revenue for the reporting period fell 37 per cent annually to Dh3 billion at the end of 2021, Damac said in a regulatory filing.

The Dubai property market has been buoyant in recent months, with overall property transaction volumes standing at 11,071 in January and February — the highest total recorded in the first two months of the year, according to CBRE.

Luxury home sales in Dubai also hit their highest last year since 2015, property consultant Knight Frank said in a report.

Updated: May 17, 2023, 3:32 PM