Damac Properties announced its first major new product launch since 2008, with 295 premium serviced hotel apartments in the Burj area of Dubai, reported the Arabianbusiness. The Distinction will be a 195 meter, 53-storey tower with views of the fountain, mall and the Burj Khalifa, the world's largest tower.

The developer said in a statement that the launch was on the back of "improved market sentiment" in the emirate. The Distinction will "serve the very top top-end luxury sector of the emirate's real estate market".

Dubai is in the grip of a new era of real estate expansion following the announcement of the multi-billion dollar Mohammed Bin Rashid City.

"Luxury projects in prime locations are driving the UAE property resurgence and The Distinction will provide the quality of finish and service expected at this end of the market," said Niall McLoughlin, senior vice president, Damac Properties.

Main contractor, ANC Contracting, has already started work on the project, which is set for completion in the first quarter of 2015 and will be a mix of studios, one, two, three and four-bedroom penthouses. The tower will include a luxury spa, a gymnasium and swimming pool.

Damac has so far completed 37 buildings across the UAE, with 7,817 units and nearly 14,000,000 sq ft of space.