The Story Behind DAMAC Property’s Rise: Past Successes and Future Opportunities
DAMAC Properties, a leading luxury real estate developer headquartered in Dubai, has been redefining the luxury property market in the Middle East since 2002. Known for its high-end residential projects, commercial endeavors, and leisure complexes, DAMAC Properties stands out in luxury real estate, making significant strides in cities beyond Dubai.
With a portfolio that includes the iconic DAMAC Hills and DAMAC Lagoons, the company, under the leadership of Hussain Sajwani, the owner of DAMAC, continues to explore future opportunities while celebrating past achievements. This narrative delves into DAMAC Property’s journey, from its inception to becoming a key player in the construction industry, and outlines its visionary endeavors ahead.
Damac Properties: The Journey from Inception to Present
Founded in 2002 by Hussain Sajwani, Damac Properties quickly established itself as a premier developer in Dubai’s luxury real estate sector. The company’s growth trajectory was marked by its public listing on the Dubai Financial Market in 2015, reflecting its prominence and trust within the market. However, in a strategic move by Sajwani, it returned to private ownership in 2022, allowing for more agile business maneuvers in a dynamic real estate environment.
Damac Properties is renowned for its collaboration with high-profile figures and brands, including a significant partnership with former US president Donald Trump. This alliance has been instrumental in enhancing the company’s international appeal and has led to the development of several prestigious projects such as DAMAC Hills. This golf community development not only features luxury residential properties but also boasts the Trump International Golf Club Dubai, enhancing its appeal to golf enthusiasts and luxury seekers alike.
The company’s commitment to innovation and luxury is further exemplified by its ventures across borders, including the £200 million contract with Lendlease in 2016 to construct AYKON London One, now known as DAMAC Tower Nine Elms London. This project underscores Damac’s influence in shaping skylines internationally. With a portfolio that includes delivering approximately 46,000 quality homes and ongoing projects amounting to around 33,000, Damac continues to be a pivotal player in the global luxury real estate market.
Impact of Leadership on Damac Properties
Under the leadership of Hussain Sajwani, DAMAC Properties has not only thrived as a leader in luxury real estate but has also significantly impacted community development and employee welfare. The Hussain Sajwani-DAMAC Foundation is a testament to this, focusing on education and youth empowerment with substantial contributions such as AED 20 million to the Dubai Schools Project and AED 5 million to the ‘1 Billion Meals Campaign’ during Ramadan 2022.
Emphasis on Employee Development and Technological Advancement
DAMAC Properties champions a ‘People First’ philosophy, which is evident in its substantial investment in the Learning & Development department. This initiative is designed to enhance both professional and behavioral skills, ensuring that employees are not only well-versed in their current roles but are also prepared for future technological shifts. The integration of technology into their operations, with significant upgrades like the adoption of Building Information Modelling (BIM) and transitioning customer data to Salesforce, underscores DAMAC’s commitment to staying at the forefront of the real estate sector.
Creating a Diverse and Inclusive Workplace
The leadership’s approach extends to fostering a diverse and inclusive work environment. In alignment with UAE’s focus on gender equality, women hold 44 percent of leadership roles in federal government entities, a practice mirrored within DAMAC Properties. This inclusive culture is complemented by the company’s efforts to understand the aspirations of a multigenerational workforce, which is crucial for attracting and retaining top talent. By offering a range of engagement activities, professional development opportunities, and flexible work options, DAMAC not only enhances its operational efficiency but also ensures it remains a preferred employer in the competitive real estate market.
Showcasing Past Successes: Iconic Projects by Damac
DAMAC Properties has consistently set benchmarks in luxury living with its array of iconic projects. Among these, DAMAC Hills in Dubai stands out, featuring diverse residential offerings tailored to upscale lifestyles. The area includes Carson Towers, a trio of towers comprising studios to two-bedroom apartments, and Bellavista, which offers residences from studios up to two bedrooms across its 32 stories. Additionally, the Golf Promenade, inspired by the Beverly Hills lifestyle, presents a range of ready-to-move-in studios to three-bedroom flats, each designed with a touch of class and modernity.
In the realm of exclusive villa communities within DAMAC Hills, each sub-community offers distinct characteristics and luxurious amenities. Silver Springs features serene villas ranging from three to six bedrooms, while Brookfield and Phoenix provide gated privacy with spacious three to five-bedroom villas. Calero and Whitefield further complement the portfolio, each offering a blend of three to five-bedroom villas, with Whitefield also introducing expansive three-bedroom townhouses.
Completing the showcase are DAMAC’s completed projects in Business Bay and Dubai Marina. Business Bay is home to Reva Residences and Vera Residences, both offering stunning views of the Dubai Canal and luxury apartments. Meanwhile, DAMAC Heights in Dubai Marina, a 335-meter tall skyscraper, provides exclusive one to five-bedroom apartments, emphasizing DAMAC Properties’ commitment to delivering luxury and quality in every aspect of development.
Current Projects and Future Endeavors
DAMAC Properties continues to innovate in the real estate market with a diverse portfolio that caters to varying budgets and preferences. Offering a range from residential plots to luxury penthouses and everything in between, DAMAC ensures quality and luxury across all price points. Properties are strategically located in prime areas such as Jumeirah Village Circle, Downtown Dubai, and Palm Jumeirah, enhancing their appeal to both investors and residents. Additionally, furnished options are available in key locations, adding convenience and style to urban living.
The focus on community-centric developments is evident in DAMAC Hills, a prestigious community known for its vast green spaces and luxurious amenities. This development not only offers a variety of residential options like villas and apartments but also includes unique attractions such as a skate park and stables. The Trump International Golf Club adds a touch of prestige, making it a coveted address in Dubai. New projects within DAMAC Hills, such as DAMAC Gems Estate and Cavalli Estates, promise innovative living solutions with luxurious amenities and spectacular views.
Financially, DAMAC Properties is positioned for robust growth with projected revenues surpassing $2 billion in 2023. Strategic leadership decisions have focused on maintaining high cash balances and low leverage, preparing the company to navigate potential market shifts effectively. This financial prudence is expected to sustain the company’s growth trajectory, supported by a stable outlook and a strong EBITDA margin. The launch of new projects and the strategic emphasis on capitalizing current market momentum underscore DAMAC’s commitment to enhancing its market presence and delivering exceptional value to its stakeholders.
Understanding Payment Plans with Damac Properties
DAMAC Properties offers a range of flexible payment plans across its various developments, catering to diverse buyer needs. For instance, Avanti in Business Bay, Dubai, showcases a variety of one-bedroom configurations with prices starting from AED 1,606,000 for an 82.00 sq. mt. space to AED 1,750,000 for an 89.00 sq. mt. apartment. This pricing structure allows potential homeowners to choose a unit that best fits their budget and space requirements.
Payment Plans for Various DAMAC Developments
- Damac Hills Villas: Adopt a 60/40 payment plan which includes a 20% down payment, 40% paid during the construction phase, and the remaining 40% upon completion.
- Damac Residenze: Features a down payment of 10% plus 4% for Dubai Land Department fees, with 20% payable within 24 months.
- Damac Lagoons Nice: Starts with a 20% down payment, followed by incremental payments ranging from 1% to 7% over the construction period, concluding with a final installment of 20% on completion.
Detailed Breakdown of Payment Installments
- Utopia Villas: Begins with a 20% down payment, followed by monthly installments of 1% to 9%, culminating in a final payment of 40% upon project completion.
- Damac Lagoons Nice: Includes multiple phases of payment, from initial booking to project completion, ensuring flexibility for investors.
These structured payment plans are designed to ease the financial burden on buyers, making luxury living accessible while maintaining the high standards of quality and luxury that DAMAC Properties is known for.
