UAE:
DAMAC Hotels, the hospitality arm of DAMAC Properties, has officially
launched Constella, the first fully-certified Shariah compliant serviced
hotel apartments. Situated in Jumeirah Village, Dubai, the design and
specifications of the project have been certified to be Shariah compliant
by Dar Al Sharia.
Expected to be completed in the year 2017, prices for Constella units
start at AED702,000 (US$191,097). All funds for the project are managed
by an undisclosed Islamic bank. DAMAC has recently issued US$650 million
in Sukuk for capital-raising purposes. According to a source working on
the Sukuk deal, proceeds from the issuance will be channelled towards
general corporate purposes, potentially to include the acquisition of
additional land bank. The full management of the project will be carried
out according to Shariah principles and result in the issuing of a
Shariah certification by Dar Al Sharia.
Commenting on the new project, Ziad El Chaar, the managing director of
DAMAC Properties, explained that the company has been keen in bringing a
fully-certified Shariah compliant product to the market for quite some
time. “Constella presents a unique opportunity to invest in the Dubai
real estate market, in line with the principles and beliefs of many of
our customers, particularly those from the kingdom of Saudi Arabia and
here in the UAE,” said Ziad.
Apart from being an alcohol-free establishment, Constella will also have
separate swimming pools for men and women as well as separate gymnasiums
and saunas. The restaurant will similarly have a single section for men
and a separate family section. There will also be dedicated floors
provided for ladies that will only be served by female staff. Each
Constella unit comes complete with a fully-fitted kitchen and daily
housekeeping services, with access to a restaurant, kids club and
swimming pool.
On the back of positive growth prospects for Dubai’s property sector,
S&P has assigned a ‘BB’ long-term corporate credit rating to DAMAC,
which also extends to its five-year Sukuk issuance. The rating agency
does not foresee an oversupply of residential properties over the next
12-18 months.
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