Damac launches sales of first Sharia-compliant serviced apartments

Damac Hotels, the hospitality arm of Damac Properties, launched the first fully certified Sharia-compliant serviced hotel apartments in Dubai.

Constella, a luxury tower under construction in Jumeirah Village, will be managed by Sharia principles and result in the issuing of a Sharia Certification by Dar Al Sharia, the company said in a statement.

It added that although there are projects in Dubai that are alcohol free and claim to be Sharia compliant, Constella will also have separate swimming pools for men and women and separate gymnasiums and saunas.

The restaurant will also have a single section for men and separate family section while there will also be dedicated floors provided for ladies that will be served by female only staff.

Constella will also fully comply to Islamic financing principles, with all funds for the project managed by an Islamic Bank, Damac said.

Damac Properties said it will be hosting an exclusive VIP event to present the project and release a select number of units at pre-launch prices. Prices for Constella start at AED702,000 ($191,200) and will be completed by 2017.

Ziad El Chaar, managing director, DAMAC Properties, said: “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.”

Damac Properties said it has delivered 9,318 units to date and currently has a development portfolio of over 25,000 units at various stages of progress and planning as of December 31.

Source: Arabian Business