Damac Properties Unveils Plans for Expansion in APAC Region

Damac Properties Unveils Plans for Expansion in APAC Region

Damac Properties, a leading international real estate developer headquartered in the United Arab Emirates, has announced its expansion into the Asia-Pacific (APAC) region with the opening of new offices in Beijing and Singapore. This strategic move marks Damac’s commitment to expanding its global presence and investing significantly in the APAC market.

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Since its establishment in 1982, Damac has become synonymous with luxury real estate development, having built an extensive and diverse portfolio that spans retail, fashion, capital markets, luxury real estate, and hospitality experiences. The developer’s decision to enter the Chinese market was initially announced in December 2023, with plans to relocate to Shanghai. This move aims to cater to the growing interest from Chinese high-net-worth and ultra-high-net-worth investors in both the UAE and Damac’s portfolio.

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The official ribbon-cutting ceremony for the new offices in Singapore featured key figures, including Mohamed Al Zarooni, UAE Head of Economic Affairs and Media in Singapore; Hany Kotat, VP of International Sales at Damac Properties; Dr. Brian Shegar, President of the UAE Singapore Business Council; and Ambassador Jamal Abdulla Al Suwaidi, UAE Ambassador to the Republic of Singapore. Representatives from leading Singaporean brokerage firms such as Propex, Huttons, ERA, Orange Tee and Tie, and SRI also attended the event.

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Redefining Luxury in the APAC Region

Abbas Sajwani, Board Member at Damac Properties, expressed his enthusiasm for the company’s expansion into the APAC region: “Damac Properties has been redefining luxury since 2002, and we are thrilled to expand our footprint further into APAC with our new offices in Beijing and Singapore. With excellence embedded in our core, we strive to deliver the highest international standards in our projects.”

Sajwani added that discerning investors across the APAC region are seeking premium, high-quality developments for both investment purposes and personal residences. Damac looks forward to collaborating with partners to introduce its esteemed global portfolio to the APAC market.

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Damac’s impressive portfolio currently consists of over 75 towers, numerous branded homes, expansive communities, hotels, and hotel apartments across 12 international cities, including Dubai, London, Toronto, and Riyadh.

Prominent projects include Damac Tower Nine Elms London, the first Versace-branded luxury residential skyscraper in Europe; Safa Two by de GRISOGONO, which boasts views of the iconic Dubai Canal; Canal Crown by de GRISOGONO; and Damac Lagoons, the UAE’s first pre-certified LEED Platinum community inspired by Mediterranean living.

Continued Growth and Opportunity

Upcoming developments include a condo in Miami designed by Zaha Hadid Architects and a luxury resort in the Maldives, in collaboration with Mandarin Oriental, set to redefine luxury hospitality.

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Anson Tay, Managing Partner at SRI, praised Dubai’s real estate market, emphasizing its allure for investors and residents from Singapore and across APAC. Michael Long, CEO of Senturion Real Estate, cited a 2023 TrendLens report from luxury consulting firm Agility, noting that over 20% of Chinese millionaires planned to visit the Middle East in 2024, with plans to invest in international real estate. Long highlighted Dubai and the UAE’s high yields, safety, stability, and quality opportunities with developers like Damac.

As Damac Properties expands its operations in APAC, the company continues to deliver on its promise of luxury craftsmanship and exceptional real estate developments, solidifying its position as a leading developer in the region.

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