DAMAC Properties Makes Bold Move into Asia Pacific Market

UAE-based luxury real estate developer DAMAC Properties has signaled its ambitious global expansion plans with the opening of new offices in Beijing and Singapore. This strategic move signifies a significant investment and commitment to the Asia Pacific (APAC) region, a market ripe with potential for the high-end developer.

DAMAC, the largest private developer in the UAE, boasts a diverse portfolio encompassing luxury residences, hospitality experiences, data centers, retail ventures, and capital markets. Founded in Dubai in 1982, the company has grown exponentially, establishing a strong presence in the Middle East.

The company's sights are now firmly set on the APAC market, with a specific focus on China. In December 2023, DAMAC announced its entry into the Chinese market through Shanghai, capitalizing on the growing demand for UAE properties among China's High Net Worth Individuals (HNWIs) and Ultra High Net Worth Individuals (UHNWI) seeking investment and lifestyle opportunities.

The official ribbon-cutting ceremony in Singapore, a key market in APAC, was attended by prominent figures including H. E. Jamal Abdulla AlSuwaidi, the United Arab Emirates Ambassador to Singapore, and business leaders from both countries. The event also saw participation from CEOs and heads of leading Singaporean brokerage firms, highlighting the strong interest in DAMAC's offerings within the region's real estate sector.

"DAMAC Properties has redefined luxury living since 2002, " remarked Abbas Sajwani, Board Member at DAMAC Properties. "We are thrilled to expand our footprint further into APAC with our recent office openings. We are committed to delivering products that meet the highest international standards, and we see a discerning clientele in APAC seeking premium developments for investment or personal use. We look forward to collaborating with our partners to introduce DAMAC's acclaimed portfolio to the APAC market. "

DAMAC's impressive portfolio currently encompasses over 75 towers, branded residences, large-scale communities, hotels, and hotel apartments spread across 12 global cities, including Dubai, London, Toronto, and Riyadh. Some of their most celebrated projects include DAMAC Tower Nine Elms in London, Europe's first Versace-branded luxury residence tower, and Safa Two by De GRISOGONO, overlooking Dubai's iconic Dubai Canal. The company also boasts Canal Crown by De GRISOGONO, a project inspired by the Mediterranean lifestyle, and DAMAC Lagoons, the UAE's first pre-certified LEED Platinum community.

Looking ahead, DAMAC's exciting pipeline includes a Zaha Hadid Architects-designed condominium development in Miami and a luxury resort project in the Maldives, co-created with Mandarin Oriental, poised to redefine the standards of luxury hospitality experiences.

Industry experts see DAMAC's expansion as a positive development. Anson Tay, Managing Partner at SRI, a Singaporean real estate agency, commented, "Dubai's property market and the city itself continue to hold significant appeal for investors and residents from Singapore and across APAC. Leading Dubai developers like DAMAC are renowned for their exceptional craftsmanship in luxury real estate development. Their consistent delivery on promises and diverse portfolio of luxury projects make them a highly attractive proposition for investors. "

Michael Long, CEO of Senturion Real Estate, echoed this sentiment, citing a 2023 report by luxury consulting firm Agility, TrendLens. The report revealed that over 20% of Chinese millionaires planned to visit the Middle East in 2024, with a strong interest in investing in international real estate. "Dubai and the UAE offer high yields, safety, speed, stability, and the opportunity to own true luxury and quality with a developer like DAMAC, " Long concluded.

DAMAC's strategic move into APAC signifies a significant shift in the global luxury real estate landscape. The company's established reputation, diverse portfolio, and focus on delivering exceptional living experiences position them well to capitalize on the burgeoning demand for luxury properties in the region.