DAMAC Properties Expands Into APAC, New Offices Launched In Singapore And Beijing

DAMAC Properties, leading UAE-based real estate developer headquartered in Dubai since 1982, has strategically expanded its global footprint by inaugurating new offices in Beijing and Singapore. This move underscores the company's robust commitment to the APAC region, aiming to cater to the burgeoning demand from high-net-worth and ultra-high-net-worth Chinese. Founded with a vision to deliver luxury real estate and unique living experiences, DAMAC's diverse portfolio spans across luxury real estate developments, hospitality, data centres, retail, fashion, and capital markets.

The grand opening event in Singapore was graced by distinguished guests including H.E. Jamal Abdulla AlSuwaidi, Ambassador of the UAE to the Republic of Singapore, and executives from the UAE Singapore Business Council. The event provided a platform for interaction with the CEOs and Heads of leading brokerage firms in Singapore, showcasing DAMAC's intent to strengthen its presence in the APAC market.

Abbas Sajwani, a Board Member of DAMAC Properties, expressed his enthusiasm about the brand's expansion in the APAC region. He highlighted the company's commitment to excellence and its efforts to meet the high standards of discerning investors and homebuyers in APAC. Sajwani's remarks reflect DAMAC's strategic approach to leverage its acclaimed global portfolio to tap into the APAC market's potential.

DAMAC's global portfolio is impressive, featuring over 75 towers, branded residences, and communities in 12 cities worldwide, including Dubai, London, Toronto, and Riyadh. The portfolio boasts internationally acclaimed projects like DAMAC Tower Nine Elms London, Europe's first Versace-branded luxury residence tower, and DAMAC Lagoons, UAE's first pre-certified LEED Platinum community. The company's ambitious plans include upcoming projects designed by Zaha Hadid Architects in Miami and a luxury resort in partnership with Mandarin Oriental in the Maldives.

Insights from industry experts highlight Dubai's attractiveness to investors from Singapore and the broader APAC region. Anson Tay of SRI commended Dubai's real estate market for its luxury craftsmanship and investment opportunities, with DAMAC standing out for its delivery of luxury developments. Similarly, Michael Long, CEO of Senturion Real Estate, pointed out the increasing interest among Chinese millionaires in Middle Eastern real estate, especially in Dubai. A TrendLens report by Agility in 2023 indicated that over 20% of Chinese millionaires plan to visit the Middle East in 2024, viewing Dubai as offering high yields, safety, and stability.

The new DAMAC offices are strategically located in key business districts. The Singapore office is situated at Asia Square Tower 1, Marina View, Marina Bay, on the 11th floor, while the Beijing office is located at East Tower, No.1 East Middle 3rd Road, on the 4th floor.

Additionally, the Shanghai office address is at 3 Corporate Avenue, 168 Hubin Road, Huangpu District, Shanghai, on the 25th floor. These locations are poised to serve the needs of investors and partners effectively, with several agent partnerships already in place to manage demand within both markets.

As DAMAC Properties moves forward with its APAC expansion, the company's strategic office openings in Beijing and Singapore mark a significant step in its global growth ambitions. By tapping into the APAC market, DAMAC aims to bring its luxury real estate offerings closer to potential investors, reinforcing its position as a leading global real estate developer.