Damac announces sale of units in AKOYA Drive Hotel Project

Dubai (WAM): Dubai s Damac Properties has announced that units in its NAIA Hotel and Hotel Apartments, located in the AKOYA development, are being made available for sale with a starting price of Dh680,000. The 28-storey, 500-units NAIA Hotel is located in AKOYA Drive - a 1.3 km shopping strip launched recently by the developer. The units provide a 40 per cent share in room revenue to owners, Damac said in a statement. They come with a title deed and 14 free nights stay a year and zero service and utility charges. "Based on an investment of Dh700,000, return on investment is projected between 11.2 per cent in the first year of operations, rising to 14.4 per cent by 2020," the statement added. "Since announcing the concept, we have been inundated with investors wanting to be part of AKOYA Drive," said Niall McLoughlin, SVP, Damac. " Given the heightened interest in the development, and AKOYA as a whole, we have decided to bring forward sales on the first phase of the AKOYA Drive project." The AKOYA master development is a 42 million square foot golf community off Umm Suqeim Road in Dubai. – Emirates News Agency, WAM