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Dubai United Arab Emirates
Damac Properties, an international real estate developer based in the United Arab Emirates, has announced opening new offices in Beijing and Singapore.
The office openings signaled the brand’s push and significant investment and commitment to APAC, which coincide with its clear focus on expanding globally.
With its headquarters in Dubai and having developed the largest private real estate portfolio in the United Arab Emirates since 1982, Damac has amassed an impressive and diverse portfolio that includes retail, fashion, capital markets, luxury real estate developments, and hospitality experiences. Damac announced in December 2023 about its intention to enter the Chinese market by relocating to Shanghai to take advantage of the increasing interest from Chinese HNWI and UHNWI investors in the UAE and Damac’s portfolio.
Mohamed Al Zarooni, UAE Head of Economic Affairs and Media, Singapore; Hany Kotat, VP, International Sales, Damac Properties; Dr. Brian Shegar, President, UAE Singapore Business Council; and Ambassador Jamal Abdulla Al Suwaidi, UAE to the Republic of Singapore, conducted the official ribbon-cutting ceremony. CEOs and heads of leading Singaporean brokerage firms, such as Propex, Huttons, ERA, Orange Tee and Tie, and SRI, were present at the launch event.
Redefining luxury
Abbas Sajwani, Board Member, Damac Properties, commented: “Since 2002, Damac Properties has been synonymous with redefining luxury. We are excited as we expand our footprint further into APAC with our recent office openings in Beijing and Singapore. With excellence in our DNA, today we create products of the highest international standards.
“Across APAC, we see discerning, seasoned, high-value individuals who are looking to buy premium and quality developments for investments and as a home alike. We look forward to working with our partners in bringing Damac’s acclaimed global portfolio to APAC markets.”
Currently, Damac’s entire portfolio consists of more than 75 towers, numerous branded homes, expansive communities, hotels, and hotel apartments spread throughout 12 international cities, including Dubai, London, Toronto, and Riyadh.
Among the internationally recognized projects are Damac Tower Nine Elms London, Europe’s first Versace-branded luxury residential skyscraper; Safa Two by de GRISOGONO, which offers a view of the famous Dubai Canal; Canal Crown by de GRISOGONO; and Damac Lagoons, which is the UAE’s first pre-certified LEED Platinum community and is inspired by a Mediterranean lifestyle. Several upcoming projects include a condo in Miami designed by Zaha Hadid Architects and a luxury resort in the Maldives that will reshape the notion of luxury hospitality in collaboration with Mandarin Oriental.
Delivering on promises
Anson Tay, Managing Partner, SRI: “Dubai’s property market and the city continue to be attractive for investors and residents from Singapore and across APAC. Dubai’s leading developers know and understand luxury craftsmanship in real estate developments well. Damac is one example that has delivered on promises with a whole range of luxury developments and investment opportunities.”
Michael Long, CEO, Senturion Real Estate, said: “A TrendLens report in 2023 from luxury consulting firm Agility revealed that more than 20% of Chinese millionaires were planning to visit the Middle East in 2024 with consumers having accumulated capital to invest in international real estate. Dubai and the UAE offer high yields, safety, speed, stability, and an opportunity to own true luxury and quality with a developer like Damac.”
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