Damac Properties launched two self-funded mega-projects in Dubai and Saudi worth over Dh2 billion ($548 million) in Fendi-branded luxury apartments.
The 800m riyals Damac Esclusiva project includes 100 luxury serviced apartments in Riyadh located in a 150-meter tower overlooking the Kingdom Tower on King Fahd road. The apartments will be sold by invitation and pre-approval to a limited number of VIPs only.
The Dh1.2 b Damac Residenze project features exclusive private apartments that will occupy the top 40 floors of a 335-meter tower in Dubai Marina, overlooking the Palm Jumeirah. The interior design of the apartments at both towers are by famous Italian designer Fendi and are furnished by Fendi Casa collection.
Both projects are scheduled to be completed by 2016 and currently 20 percent of the construction is completed on each.
Arabtec is the main contractor on the Dubai Marina project and Al Hashim is the substructure contractor on the Riyadh project, he said, adding that the main contractor will be announced later.
In Riyadh, Damac is targeting young, wealthy Saudis and visitors who can rent their apartments for a “decent return” in the months they are not living there.
In Dubai, the developer is eyeing customers from CIS countries, India and Saudi Arabia.