Real estate developer Damac Properties has announced an $850 million five-tower complex at its Akoya Oxygen golf course community in Dubai.

Residential units at the Navitas Hotel & Residences will be sold according to a four-year payment plan, with prices starting at AED 440,000 (approximately $120,000).

The development will consist of five 14-storey towers, one of which comprises of a 312-room hotel that will be managed by Damac Hotels & Resorts. The other four towers will consist of private residential units which will look out over the golf course and the wider development.

The towers will be located on a common podium. Facilities will include a gymnasium, swimming pool and lounge area and retail shops and restaurants on the ground floors.

Niall McLoughlin, senior vice president at Damac Properties, said: “The five 14-storey towers are a real opportunity for those looking for investment properties. By investing in a hotel room at ‘Navitas Hotel & Residences’, you’ll benefit from Dubai’s flourishing hospitality industry, which will be a gateway to high annual returns.”