DAMAC Properties, one of the region’s largest luxury real estate developers, has announced that its luxury hotel and serviced residences, DAMAC Towers by Paramount Hotels & Resorts, located in Dubai’s Burj area, is over 85% complete.
Developed by DAMAC Properties in collaboration with Paramount Hotels & Resorts, the project continues to make good progress with superstructure works 100% complete, and internal finishes, façade works, MEP works, carpentry and joinery works nearing completion.
The complex comprises four towers stretching 250 metres high and will feature one-, two- and three-bedroom luxury serviced branded apartments, offering an ambience and reflection of the Hollywood glamour and the California ‘cool’ lifestyle, synonymous with Paramount Pictures over the past 105 years.
Niall McLoughlin, Senior Vice President, DAMAC Properties said: “Bringing a Hollywood-inspired lifestyle to Dubai to an iconic development in the heart of the city, DAMAC Towers by Paramount Hotels & Resorts offers everything that discerning residents look for in a premium and fashionable living space – from easy access to high-end shopping and dining experiences, to all the luxuries that come as part of the Paramount brand. We are excited to see this exquisite development take final shape, and upon completion, further elevate the style quotient of the sophisticated and glamorous Burj neighbourhood.”
From exclusive access to landscaped and pool areas, numerous health facilities, on-site parking and a variety of high-end dining establishments, the project has been designed to offer over 1,900 units (including the hotel) with a total saleable area of approximately 2 million square feet. DAMAC Properties is currently selling units in three of the towers to be operated under its DAMAC Maison brand, with the development having an estimated sales value of USD 1.35 billion.
In addition, one tower will contain a five-star hotel complex to be operated by Paramount Hotels & Resorts, which will have over 800 rooms. Hotel rooms will be managed under a rental pool scheme.
Among the numerous awards the DAMAC Towers by Paramount Hotels & Resorts project has won is the ‘Tower Project of the Year’ accolade at the Construction Week Awards in 2016, in recognition of construction best practice, safety and use of innovative technologies.
The successful collaboration between DAMAC Properties and Paramount extends across various projects, including the USD 500 million Paramount Tower Hotel & Residences strategically located on Sheikh Zayed Road in Dubai, with China State Construction Engineering Corporation (Middle East) LLC awarded a AED 554 million contract to build the 27 floors that comprise the collection of luxury residences.