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FINANCIAL NEWS
Damac launches two Fendi-branded projects in Dubai and Riyadh
11 Feb 2013
(MENAFN) Dubai developer Damac Properties has launched two Fendi-branded mega-projects in Dubai and Riyadh worth over USD544.5 million, Gulf News reported.
Damac will fund the project from its own equity and proceeds from off-plan customer.
Dmac’s managing director Ziad El Chaar said the Damac Esclusiva project, worth about USD213 million, will comprise 100 luxury serviced apartments in Riyadh located in a 150-meter tower overlooking the Kingdom Tower on King Fahad road.
The apartments will be sold by invitation and pre-approval to a limited number of VIPs only, he added.
The second project, the Damac Residenze, worth USD326.7 million, will include exclusive private apartments that will occupy the top 40 floors of a 335-meter tower in Dubai Marina, over looking the Palm Jumeirah, El Chaar added.
The projects’ interiors will be designed by famous Italian designer Fendi and are furnished by Fendi Casa collection.
El Chaar also said that both projects are slated for completion by 2016 and currently 20 percent of the construction is completed for each.
The Damac Esclusiva and Damac Residenze apartments will be operated by the Damac Hospitality division.
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