Damac to build mega golf community in Dubai

The Dubai-based developer says 'Akoya by Damac' will be its largest project ever as well as the most luxurious golf community in Asia.

Located near Umm Sequim Road, the development will feature an 18-hole PGA Championship Golf Course, along with mansions, villas, townhouses and luxurious apartments.

It will also include a spa, boutique hotels and international schools from kindergarten to secondary, as well as globally-recognised retail brands, leisure and entertainment offerings and a sports complex.

The purchase of land from Dubailand has been completed and all required paperwork has been released, the company said.

"We are in advanced discussions with a number of leading global brands to make Akoya by Damac the most sought-after area in Dubai," said Hussein Sajwani, chairman, Damac.

Taking its name from one of the most exclusive pearls in the world, Akoya by Damac is the latest in a slew of real estate projects that have been launched in Dubai as confidence has returned to the market.

Villa prices rose up to 17% in prime areas of Dubai in Q1, according to Jones Lang Lasalle.

Also on the rise in Q1 were residential transactions, according to the Dubai Land Department. It reported that a total of 3,547 transactions worth Dhs4.7bn were recorded in Q1 2013, compared to 2,726 transactions worth Dhs3.1bn in Q1 2012.

Earlier this year Damac joined forces with legendary Hollywood studio Paramount to launch the $1bn Damac Towers by Paramount, which includes a hotel and luxury serviced residences in Dubai's Downtown area. The first phase of the project sold out on its opening day.

Damac has completed 37 buildings to date with 7,817 units and has a further 66 buildings at various stages of progress across the Middle East and North Africa.