Celestia, as it is known, will comprise of studios, one and two bedroom apartments across an eight-floor complex and will be located in Dubai World Central Residential City, near to the new Al Maktoum International Airport.
Facilities will include a retail area featuring fine-dining restaurants and designer boutiques, as well as state-of-the-art fitness and leisure amenities.
Prices start from AED621,000 ($169,000), with the project slated for completion in 2016.
DAMAC, which listed its shares on the London Stock Exchange in December, posted a net profit of $641.5 million last year, against $212.5 million in 2012. Revenue for the year grew 77 percent to $1.2 billion.