Damac Properties (Damac) is set to launch the sale of the first phase of apartments at The Beach at Navitas Hotel & Residences project within its Akoya Oxygen development, this week. The launch will include three-bedroom units with prices starting at AED1.25mn per unit. The total size of the launch is yet to be disclosed. We expect total contracted sales in 2Q16 to have reached cAED1.9bn, roughly in line with the trend seen in the last three quarters, but c12% weaker Y-o-Y. Our numbers for contracted sales in 2016e reflect a roughly similar Y-o-Y weakness (-14%) to AED7.8bn, but is c11% above management’s guidance of AED7.0bn.   DAMAC (DU): AED2.37 as of 12 July, Rating: Neutral, FV: AED2.35/share, MCap: USD3,907mn, DAMAC UH/DAMAC.DU