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.