(MENAFN - Arab News) DAMAC has announced its plan for 295 premium serviced hotel apartments in the Burj Area. The project, "The Distinction", is the first major product launch from DAMAC Properties since 2008."
The Distinction" will be a 195 meter,53-story, iconic tower overlooking the platinum real estate in the heart of Dubai, with views of the fountain, mall and world's largest tower.
The project, which is set for completion in the first quarter of 2015, will be a mix of studios, one, two, three and four-bedroom penthouses.
"Luxury projects in prime locations are driving the UAE property resurgence and 'The Distinction' will provide the quality of finish and service expected at this end of the market," claimed Niall McLoughlin, SVP, DAMAC Properties. "The serviced hotel apartments at "The Distinction" will offer the highest levels of customer service, luxury and opulence placing it among the premium products DAMAC Properties has on the market today."
On the back of improved market sentiment, which has shown average prices increasing by 14 percent in the first nine months of the year, according to the Reidin Residential Sales Indices, "The Distinction" will serve to the very top top-end luxury sector of the emirate's real estate market. The rental market is also seeing strong growth with yields up as much as 24 percent in prime locations across Dubai according to a recent report by CB Richard Ellis. While Dubai's property market sees a strong growth path, hotels are also benefitting, with 87.1 percent occupancy in October according to the latest figures from TRI Hospitality Consulting - an increase of 7.5 percent year-on-year added.