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Damac hoping to tempt buyers into doubling up with two-flat deals

The Dubai property developer known for enticing investors with the promise of free yachts, speed boats or jet skis when they buy a luxury flat is hoping to attract buyers with the offer of cheap deals for people buying two flats.

This summer Damac said it was offering buyers the chance to buy two apartments in developments in Business Bay, the Burj area, Dubai Marina, Dubai World Central and Dubailand, at prices starting from Dh 1.4 million.

The company, which is known for its glitzy advertisements on Dubai billboards, said that the offer included units in two different locations for schemes including its Naia hotel apartments in Jebel Ali, homes at its Akoya golf course project in Dubailand, hotel apartments at its Paramount Hotel project at Jumeirah Waterfront at Maritime City and its project at Dubai World Central.

“Damac Properties is well known for bringing fresh and exciting offers to the market during the summer promotions in Dubai,” said Niall McLoughlin, the senior vice president at Damac Properties. “We have a wide array of units in prime locations all across the city and are in a unique position to present investors with a package of units at a very attractive price point.”

Damac did not say exactly which of the properties would be included in the Dh1.4m deal.

With the luxurious penthouse at Damac’s recently completed Damac Maison block of hotel apartments on the market for Dh14.8m, the offer could seem tempting.

However, Damac launched sales at its Tenora hotel apartment project in Dubai World Central last December with prices starting at Dh610,000.

This promotion is not the first time Damac has offered extravagant perks to property buyers.

In 2012 the developer offered anyone buying a Damac property a Sea-Doo jet ski, a Monterey cruiser or an Azimut yacht, In 2005, the developer threw in Audi and Porsche cars with apartments purchased in one of 13 upscale developments.

“To anyone tempted by this offer I’d advise them to be a little sceptical,” said one Dubai estate agent who asked not to be named. “Developers are not stupid and run these sorts of offers to make money. I’d be surprised if any of these apartments are really being sold at a significant discount.”

lbarnard@thenational.ae

Follow us on Twitter @Ind_Insights



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