Damac Properties unveiled a luxury residential project in Dubai's Business Bay featuring interiors designed by Swiss jeweller de Grisogono to meet growing demand in the prime market.
The 41-storey Chic Tower will include studios, as well as one and two-bedroom apartments, Damac said on Thursday.
It plans to add three and four-bedroom apartments with “hydroponic walls and sky pools” at a later stage.
Chic Tower will also feature amenities such as seven baths, a beauty bar and sky gyms.
Damac did not disclose the total cost of the project or the construction timetable.
“This new development draws its inspiration from the vital need for wellness and self-care in a fast-paced, industrious and demanding world,” said Niall McLoughlin, senior vice president of Damac.
The launch of the new project comes at a time when the UAE’s property market continues to recover from the Covid-19 pandemic on the back of government initiatives such as residency permits for retirees and remote workers, as well as the expansion of the 10-year Golden Visa programme and the economic boost generated by Expo 2020 Dubai.
Off-plan and secondary property sales in Dubai reached a 12-year high in the third quarter, both in terms of volume and value, according to a report by Property Finder.
A total of 25,456 sales transactions worth Dh69.72 billion ($18.98bn) were recorded in the third quarter, marking an increase of about 62 per cent in terms of volume and more than 65 per cent in terms of value, compared with the third quarter of 2021.
In September, total transaction volumes in Dubai’s residential market rose 33.4 per cent annually to reach 7,273, according to the latest report from the CBRE.
Average apartment prices increased 8 per cent while villa prices rose 14.3 per cent amid strong demand from buyers.
Damac's new project will “contribute to the Dubai 2040 New Urban Masterplan, which focuses on health, sustainability and improved quality of life”, the developer said.
Chic Tower is Damac's second collaboration with de Grisogono. In March, it launched the twin tower Safa One project, which was designed to replicate a masterpiece necklace.
In May, Damac Group, the parent group of Damac Properties, also acquired the Swiss jewellery brand to further diversify its holdings.
De Grisogono filed for bankruptcy in 2020. The acquisition was part of Damac's strategy to expand its portfolio by adding distressed luxury assets and making them profitable, the developer said at the time.
Outside the UAE, Damac plans to build a Cavalli-branded condominium project in the upscale Miami district of Surfside in the US after it won a $120 million bid to acquire the land this year.
The company, which was delisted from the Dubai Financial Market earlier this year, also started handing over units at its Damac Towers Nine Elms project in London, marking the completion of its first development in Europe.
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
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England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
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UAE currency: the story behind the money in your pockets
Despacito's dominance in numbers
Released: 2017
Peak chart position: No.1 in more than 47 countries, including the United States, the United Kingdom, Australia and Lebanon
Views: 5.3 billion on YouTube
Sales: With 10 million downloads in the US, Despacito became the first Latin single to receive Diamond sales certification
Streams: 1.3 billion combined audio and video by the end of 2017, making it the biggest digital hit of the year.
Awards: 17, including Record of the Year at last year’s prestigious Latin Grammy Awards, as well as five Billboard Music Awards
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Christopher Robin
Starring: Ewan McGregor, Haley Atwell, Jim Cummings, Peter Capaldi
Three stars
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
