Damac Properties plans to develop a second golf course in Dubai with the Trump Organisation.
The Trump World Golf Club Dubai will be part of the developer’s new 55 million square feet master development, Akoya Oxygen in Dubailand.
It is the second development for the Trump Organisation in Dubai, following the Trump International Golf Club announced in May 2013 on the same development. It is the 18th Trump golf course to be developed.
“It will complement the Trump International Golf Club and its residential component perfectly and elevate Dubai’s already strong golf industry to the highest levels of luxury,” said Donald Trump, chairman of The Trump Organisation.
Golf course development is returning to the emirate after some planned high-profile developments were put on hold following the financial crisis.
The Akoya development was launched 17 months ago and marked Damac’s first foray into large master planned villa-based developments.
Damac is one of several Dubai developers investing in Dubailand, where a number of projects were put on hold in the wake of the 2008 property crash but which is now experiencing a strong rebound.
Damac is also developing a US$1 billion hotel and serviced residences project in Dubai with Paramount.
The developer last month said it recorded US$819 million in off-plan sales during the second quarter, up 32 per cent year-on-year.
It expects to deliver more than 4,000 properties by the year’s end.
Harshjit Oza, an analyst at Naeem Brokerage, wrote in a research note: “Damac is a growth story, given its Dubai exposure and a promising pipeline of projects within the high-end residential and hospitality sectors.
“We expect real estate demand in Dubai to continue being resilient and view Damac as a key beneficiary.”
Damac said in July that it was offering investors the opportunity to convert its global depositary receipts, currently listed on the London Stock Exchange, into ordinary equity and list them on the Dubai market.
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