Investors show interest in DAMAC Esclusiva in Riyadh

DAMAC Properties, a largest private luxury developer in the Middle East, announced the launch of a number of luxury real estate projects across the region during the first half of the year, with luxury serviced hotel apartments accounting for the largest share of units set to come online.
The positive reception to these projects indicates gains in popularity of the luxury serviced apartment category for investors from Saudi Arabia in particular and the GCC as a whole.
The exclusive sale of units in DAMAC Esclusiva was launched recently and resulted in more than 3,200 investors registering for this first-of-a-kind luxury project, which is strategically located overlooking the Kingdom Tower in Riyadh.
DAMAC Esclusiva Luxury Serviced Hotel Apartments is the result of a strategic partnership with the world-renowned brand FENDI.
The 150m tower, located on King Fahd Road in Riyadh, will offer more than 100 serviced apartments, with refined luxurious interiors by the Italian fashion house. Construction on this iconic project is going on, with the structure currently having reached the third floor.
DAMAC Esclusiva is due for completion in the beginning of 2016 and will set a new standard for luxury and high-end living in the Saudi capital. “Our partnership with FENDI on this project reflects the highest quality, exclusivity and class, and we are very pleased with the positive response to the offering,” said Ziad El-Chaar, managing director, DAMAC Properties.
“The level of interest that we have received from the Saudi market is particularly encouraging and reveals the direction in which investor sentiment in real estate assets is headed,” said El-Chaar.
El-Chaar added: “Our partnership with FENDI brings together two visionary luxury brands and we are confident that the end product will offer every desirable aspect of high-end living with DAMAC Esclusiva being the most sought after luxury real estate choice in the city.”