Damac to sell off plots of land at Akoya Oxygen project in Dubai

Damac Properties is to start selling off plots of land at its Akoya Oxygen community in Dubai.

The plots will have a starting price of Dh600,000 and Damac said that it will give investors up to 10 years to build on them.

Last month, the company announced the launch of Akoya Imagine villas at Oxygen, which it said were more colourful properties with low community fees aimed at millennials. These went on sale starting at Dh1.2m for the smallest units and sold out within a few weeks.

A spokesman for Damac said that buying a plot, as opposed to a villa, would allow buyers to build their own units “to personal preferences and tastes”.

“This is of huge appeal to those young and creative individuals who want no restrictions on how their home should be designed,” the spokesman said.

Despite this, the company said that the external façade of the villas would have to comply with the design and colour scheme of the broader community. Plot buyers would also need to get approval from Damac as master developer for the contractor that they chose to use.

The plots available will be close to the Tiger Woods-designed course at the Trump World Golf Club at Akoya Oxygen, which is a 55 million sq ft community off Al Qudra Road, near its junction with Emirates Road.

Damac’s managing director, Ziad el Chaar, said: “Investments in golf communities typically enjoy higher returns as supply remains limited and are considered more financially stable than investments in financial instruments.”

The developer said that it would launch sales of Akoya Imagine plots at an event at Jumeirah Emirates Towers on Saturday, August 20.

It added that it would also begin sales of serviced hotel apartments at a new tower project in Jumeirah Vilage Circle at the same event.

The company said that units at Tower 108, a 33-storey building, would be operated by its in-house Damac Maison de Ville brand.

mfahy@thenational.ae

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