{"id":1004096397,"date":"2014-05-13T05:56:55","date_gmt":"2014-05-13T13:56:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004096397"},"modified":"2022-12-09T01:43:37","modified_gmt":"2022-12-09T09:43:37","slug":"damac-launches-new-phase-at-capital-bay-new-property-management-company","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/damac-launches-new-phase-at-capital-bay-new-property-management-company\/","title":{"rendered":"International: DAMAC Launches New Phase at Capital Bay, New Property Management Company"},"content":{"rendered":"<p><i>By Eliza Theiss, Associate Editor<\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/05\/New-Phase-at-Capital-Bay.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004096421\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/damac-launches-new-phase-at-capital-bay-new-property-management-company\/new-phase-at-capital-bay\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/05\/New-Phase-at-Capital-Bay.jpg\" data-orig-size=\"360,270\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"New Phase at Capital Bay\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/05\/New-Phase-at-Capital-Bay.jpg?w=360\" class=\"alignleft size-medium wp-image-1004096421\" alt=\"New Phase at Capital Bay\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/05\/New-Phase-at-Capital-Bay.jpg\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/05\/New-Phase-at-Capital-Bay.jpg 360w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/05\/New-Phase-at-Capital-Bay.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>One of the largest luxury real estate developers in the Middle East, DAMAC Properties, is starting a new phase at its Capital Bay luxury multi-family project in Dubai\u2019s CBD.<\/p>\n<p>The new 131-unit luxury project will comprise studios, one-, two- and three-bedroom serviced units and will be located adjacent to Capital bay\u2019s existing two towers in Business Bay, offering swift access to Dubai\u2019s International Financial Center and the myriad of shopping, dining, cultural and entertainment options afforded by downtown Dubai, such as The Dubai Mall and the Meydan Racecourse. \u00a0All units come with a fully-equipped kitchen, including glass- and tableware, as well as furnishings, washer, dryer, Wi-Fi, maid service and daily supply of toiletries.\u00a0 Amenities include a swimming pool, kids club and restaurant. Previous Capital Bay phases include a sauna, spa, state-of-the-art gym, specialty shops and coffee lounge.<\/p>\n<p>Construction is set to kick off next month with a targeted completion in 2016\u2019s fourth quarter.\u00a0 Per-unit pre-launch prices start at $281,000 (AED 1,032,000).<\/p>\n<p>Although dubbed a serviced hotel apartment project, buyers can choose to use units as a personal residence (condominium style) or add it to DAMAC\u2019s rental pool to be leased out similar to an apartment or hotel unit. Owners can take advantage of the rental pool model in case of extended absences as well, gaining an extra income from their home, especially in the growing tourism industry and hospitality housing market of Dubai. JLL\u2019s latest data shows that in 2013 Dubai had a hotel trading performance of 79.6 percent with a RevPAR of $198 and an ADR of $244.<\/p>\n<p>The new project will be managed by NAIA by DAMAC, DAMAC Properties\u2019 newest hotel management company, launched just a few days ago at the Arabian Travel Market. The new serviced hotel-apartment operator is expected to manage more than 2,200 units across Dubai by the end of the year. These include NAIA Downtown Jebel Ali, which becomes operational this month and the soon-to-open NAIA Downtown AKOYA, NAIA Miracle Garden, NAIA Dubai World Central, NAIA Jumeirah Village, NAIA Business Bay and NAIA AL Maktoum Airport Street.<\/p>\n<p>\u201cWe see a big market for NAIA by DAMAC serviced living in Dubai, which is designed specifically with the influx of tourists to Dubai in mind,\u201d said DAMAC Properties Senior Vice President Niall McLoughlin. \u201cGiven the level of interest, we have decided to bring this tower at Capital Bay to market straight away, and present our first project which will be managed by NAIA by DAMAC in the sought-after Business Bay Area.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of the largest luxury real estate developers in the Middle East, DAMAC Properties, is releasing a new phase at its Capital Bay luxury multi-family project in Dubai\u2019s CBD.<\/p>\n","protected":false},"author":952,"featured_media":1004096421,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,16,21742],"tags":[],"class_list":["post-1004096397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-international","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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