Damac enters US real estate market with luxurious project
DUBAI, May 28, 2022
UAE-based luxury project developer Damac Properties has announced its foray into US real estate market by winning the $120 million bid to acquire land in the upscale Miami neighbourhood of Surfside.
The Dubai group plans to build an ultra-luxurious, Cavalli-branded condominium project. The property, on Collins Avenue, offers residents 200 ft of direct beach frontage and access to South Beach and Bal Harbour.
Surfside, in recent years, has become a hotspot for ultra-luxury condominium developments, including the Four Seasons Private Residences, the Fendi Chateau Residences, and the Arte Surfside buildings.
The town also has a collection of high-end hotels, including the Four Seasons, the St. Regis Bal Harbour and the Ritz-Carlton Bal Harbour and its primary shopping area, the Bal Harbour Shops, is known throughout Miami as a luxury shopping destination.
The Surfside project will be Damac's first in the US which wll come up on a 1.8 acre land that was sold to the group for $120 million through the court process.
Commenting on the purchase, Chairman and Founder Hussain Sajwani, said: "Damac Properties has long been eyeing development opportunities in Miami. We see the city, which is known for being a luxury and fashion centre, as a natural fit for our company, which has an established reputation for its branded luxury offerings."
Damac, known for its luxury real estate offerings both regionally and globally, is rapidly expanding its global footprint such as its flagship project in Europe - Damac Towers Nine Elms in the prestigious Zone 1 district of London with Versace interiors.
The company’s consistent success over the years, and more recently on the tailwinds of Dubai’s economic performance and forecast, has propelled it to eye various global opportunities for development and growth.
Damac is also developing a luxury resort in the Maldives to be operated by global hotel brand Mandarin International and has already projects in Canada, the UK and across the Middle East.-TradeArabia News Service
