DAMAC has launched a new exclusive residential project - DAMAC Lagoon
The 5-star collection of FIVE Hotels & Resorts, known for its party-meets-luxury lifestyle destinations, is planning to open FIVE Beach on the sought-after address of JBR. The prime beach property will be the FIVE portfolio’s third hotel in the emirate, alongside FIVE Jumeirah Village and FIVE Palm Jumeirah. The brand also has a fourth hotel currently in the works; FIVE Zurich, which will open its doors in 2022.
FIVE JBR, which was previously under construction as the Corinthia, is set to open in 2023, offering an exclusive selection of fine eateries and the ultimate entertainment. The resort will feature 227 suites, 102 serviced residences, a swimming pool, seven a la carte culinary and nightlife venues, ReFIVE Spa and a beautiful stretch of private beach. The ultra-luxury properties will boast uninterrupted views of the sea and the upcoming record-breaking attraction of Ain Dubai, which is due to open in the beginning of October 2021. FIVE Beach by FIVE Holdings plans to become the tallest building on JBR, featuring 55 levels, and takes over one of the last plots in the area.
End-users and investors are provided with an attractive opportunity of choosing from a limited collection of fully-furnished studios and three, four and five-bedroom residential units designed with marble and wood finishings. The four-bedroom residences will feature a maid’s room, while five-bedroom properties will have an office space, dining and living rooms, bar/tv/casual living area and kitchen/ maid’s room/ powder room/storage room. For those interested in more spacious units, FIVE Beach also offers opulent full-floor penthouses with a pool deck, a private swimming pool and jacuzzi. The total area of properties ranges from 718 to 9,578 sq.ft.
The starting price for a three-bedroom residence of 2,346 sq.ft in the upcoming FIVE JBR is AED 7.9M (USD 2.1M). Potential buyers will be presented with an option of selecting from three possible design concepts for the properties. Investors are guaranteed a 10% rental yield where 25 AED per sq.ft. is deducted as a maintenance fee. Investors can also benefit from the 30/70 payment plan and DLD is 4%.
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