Damac Properties has acquired two plots in Al Sufouh and Business Bay for $77m (AED285m) as the building giant bolsters its land bank.
The Dubai-based real estate developer, which has teamed up with the likes of Versace and Roberto Cavalli to create high-fashion interiors, is actively increasing the amount of land it owns at a time when prices are low.
The two plots of land in Al Sufouh and Business Bay – where Damac is building the Aykon City megaproject that Killa Design worked on – were sold by Dico Properties and Soor Foodstuff respectively.
“The acquisition comes in continuation of the company’s approach to acquire prime plots in distinctive areas to expand its land bank for new innovative development in [the] future in order to increase its revenues for the benefit of its shareholders,” Damac said in a listing posted on the Dubai Financial Market.
Damac has been active in the acquisition space in July the developer’s chief investment vehicle, Vision Investment Company, announced plans to buy Italian fashion house Roberto Cavalli.