- DAMAC believes Miami is a pure match given its luxurious and vogue enchantment
- Announcement comes at a time of fast international enlargement for the Dubai-based developer
DUBAI, UAE and MIAMI, Could 30, 2022 /PRNewswire/ — UAE-based DAMAC Properties has introduced that it has gained the US $120 million bid to accumulate land within the upscale Miami neighbourhood of Surfside. The Dubai-based developer plans to construct an ultra-luxurious, CAVALLI branded condominium venture.
Mr. Hussain Sajwani
The property, on Collins Avenue, gives residents 200 ft of direct seashore frontage and entry to South Seashore and Bal Harbour. The land, comprising 1.8 acres, was bought to DAMAC for $120 million by way of the courtroom course of.
Commenting on the acquisition, DAMAC Chairman and Founder, Hussain Sajwani, stated: “DAMAC Properties has lengthy been eyeing improvement alternatives in Miami. We see the town, which is thought for being a luxurious and vogue centre, as a pure match for our Firm, which has a longtime status for its branded luxurious choices.”
Surfside, lately, has turn into a hotspot for ultra-luxury condominium developments, together with the 4 Seasons Non-public Residences, the Fendi Chateau Residences, and the Arte Surfside buildings.
The city additionally has a group of high-end resorts, together with the 4 Seasons, the St. Regis Bal Harbour, and the Ritz-Carlton Bal Harbour and its major procuring space, the Bal Harbour Outlets, is thought all through Miami as a luxurious procuring vacation spot.
DAMAC Properties, identified for its luxurious actual property choices each regionally and globally, is quickly increasing its international footprint comparable to its flagship venture in Europe — DAMAC Towers 9 Elms within the prestigious Zone 1 district of London with Versace interiors.
The Surfside venture might be DAMAC’s first in the USA.
The Firm’s constant success over time, and extra just lately on the tailwinds of Dubai’s stellar financial efficiency and forecast, has propelled it to eye varied international alternatives for improvement and progress.
It’s growing a luxurious resort within the Maldives to be operated by international resort model Mandarin Worldwide and has already tasks in Canada, the UK and throughout the Center East.
In 2021, DAMAC Properties launched two tasks in Dubai, DAMAC Lagoons, the developer’s third grasp neighborhood in Dubai, and Cavalli Tower, an ultra-luxurious 70-storey tower overlooking Palm Jumeirah, with Cavalli-branded interiors. Each tasks have seen nice buyer curiosity and demand.
“Our international enlargement into the USA marks a significant milestone and demonstrates that DAMAC is a drive to be reckoned with. That is an thrilling time, and now we have lots in retailer,” Sajwani stated.
“We’re quickly rising, not solely in our actual property endeavours however in varied sectors comparable to vogue, hospitality and even rising industries such because the Metaverse and knowledge centres. This allows us to remain forward of the curve,” he concluded.