DAMAC Properties Plan APAC Expansion, Opens Offices in Beijing and Singapore

As part of expansion plans in the Asia Pacific (APAC) region, the UAE-founded real estate developer with global aspirations, DAMAC Properties, has announced opening of brand-new offices in Beijing and Singapore on Tuesday. The office openings signal the brand’s push and significant investment and commitment to APAC.

As the UAE’s largest private real estate developer with headquarters in Dubai since 1982, DAMAC has grown exponentially to an impressive diverse portfolio, including luxury real estate developments, hospitality experiences, data centres, retail, fashion, and capital markets.

In December 2023, DAMAC announced plans to enter the Chinese market with its entry into Shanghai, capitalising on the growing demand for the UAE and DAMAC’s portfolio from Chinese High Net Worth Individual (HNWI) and Ultra High Net Worth Individual (UHNWI) investors.

The UAE’s Ambassador to Singapore Jamal Abdulla AlSuwaidi inaugurated the Singapore office (see picture). Dr Brian Shegar, President of the UAE-Singapore Business Council, Mohamed Al Zarooni, UAE Head of Economic Affairs and Media, Singapore, and Hany Kotat, VP, International Sales, DAMAC Properties were among those present.

The launch event included CEOs and Heads of the top brokerage firms in Singapore, including Propex, Huttons, ERA, Orange Tee and Tie and SRI.

Abbas Sajwani, Board Member, DAMAC Properties, said that since 2002, DAMAC Properties has been synonymous with redefining luxury and they were expanding their global footprint further into APAC with the new office openings.

“With excellence in our DNA, today we create products of the highest international standards. Across APAC, we see discerning, seasoned, high-value individuals who are looking to buy premium and quality developments for investments and as a home alike. We look forward to working with our partners in bringing DAMAC’s acclaimed global portfolio to APAC markets,” Sajwani said.

Rich Portfolio           

Today, DAMAC’s total portfolio comprises over 75+ towers, multiple branded residences, large communities, hotels and hotel apartments across 12 global cities such as Dubai, London, Toronto and Riyadh.

Some of the globally acclaimed projects include DAMAC Tower Nine Elms London, Europe’s first Versace-branded luxury residence tower, Safa Two by de GRISOGONO, overlooking the iconic Dubai Canal, Canal Crown by de GRISOGONO, Mediterranean lifestyle inspired DAMAC Lagoons- UAE’s first pre-certified LEED Platinum community.

A range of upcoming projects include Zaha Hadid Architects designed condo in Miami and a luxury resort in partnership with Mandarin Oriental in Maldives that is set to redefine the standards of luxury hospitality.

Anson Tay, Managing Partner, SRI, said that Dubai’s property market and the city continue to be attractive for investors and residents from Singapore and across APAC.

Dubai’s leading developers know and understand luxury craftsmanship in real estate developments well. DAMAC is one example that has delivered on promises with a whole range of luxury developments and investment opportunities, Tay added.

Michael Long, CEO, Senturion Real Estate said that a TrendLens report in 2023 from luxury consulting firm Agility revealed that more than 20% of Chinese millionaires were planning to visit the Middle East in 2024 with consumers having accumulated capital to invest in international real estate. Dubai and the UAE offer high yields, safety, speed, stability and an opportunity to own true luxury and quality with a developer like DAMAC, Long said.

A significant number of agent partnerships are in place to manage demand within both markets.

DAMAC has been at the forefront of the Middle East’s luxury real estate market since 2002, delivering award-winning residential, commercial and leisure properties across the region, including the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Iraq, the Maldives, Canada, the US and the UK.