Country for PR: United Kingdom
Contributor: PR Newswire Europe
Saturday, May 28 2022 - 02:23
Dubai-Based DAMAC Properties Makes Foray Into US Real Estate Market with Ultra-Luxurious CAVALLI Branded Miami Condos
DUBAI, UAE and MIAMI, May 28, 2022/PRNewswire-AsiaNet/--

DAMAC believes Miami is a natural fit given its luxury and fashion appeal
Announcement comes at a time of rapid global expansion for the Dubai-based 

UAE-based DAMAC Properties has announced that it has won the US $120 million 
bid to acquire land in the upscale Miami neighbourhood of Surfside. The 
Dubai-based developer plans to build an ultra-luxurious, CAVALLI branded 
condominium project.

The property, on Collins Avenue, offers residents 200 feet of direct beach 
frontage and access to South Beach and Bal Harbour. The land, comprising 1.8 
acres, was sold to DAMAC for $120 million through the court process.

Commenting on the purchase, DAMAC Chairman and Founder, Hussain Sajwani, said: 
"DAMAC Properties has long been eyeing development opportunities in Miami. We 
see the city, which is known for being a luxury and fashion centre, as a 
natural fit for our Company, which has an established reputation for its 
branded luxury offerings."

Surfside, in recent years, has become a hotspot for ultra-luxury condominium 
developments, including the Four Seasons Private Residences, the Fendi Chateau 
Residences, and the Arte Surfside buildings.

The town also has a collection of high-end hotels, including the Four Seasons, 
the St. Regis Bal Harbour, and the Ritz-Carlton Bal Harbour and its primary 
shopping area, the Bal Harbour Shops, is known throughout Miami as a luxury 
shopping destination.

DAMAC Properties, known for its luxury real estate offerings both regionally 
and globally, is rapidly expanding its global footprint such as its flagship 
project in Europe — DAMAC Towers Nine Elms in the prestigious Zone 1 district 
of London with Versace interiors.

The Surfside project will be DAMAC's first in the United States.

The Company's consistent success over the years, and more recently on the 
tailwinds of Dubai's stellar economic performance and forecast, has propelled 
it to eye various global opportunities for development and growth. 

It is developing a luxury resort in the Maldives to be operated by global hotel 
brand Mandarin International and has already projects in Canada, the UK and 
across the Middle East.

In 2021, DAMAC Properties launched two projects in Dubai, DAMAC Lagoons, the 
developer's third master community in Dubai, and Cavalli Tower, an 
ultra-luxurious 70-storey tower overlooking Palm Jumeirah, with Cavalli-branded 
interiors. Both projects have seen great customer interest and demand.

"Our global expansion into the United States marks a major milestone and 
demonstrates that DAMAC is a force to be reckoned with. This is an exciting 
time, and we have a lot in store," Sajwani said.

"We are rapidly growing, not only in our real estate endeavours but in various 
sectors such as fashion, hospitality and even emerging industries such as the 
Metaverse, NFTs and data centres. This enables us to stay ahead of the curve," 
he concluded.

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SOURCE: Damac Properties