Damac Towers by Paramount Hotels & Resorts nears completion

Dubai's Damac Towers by Paramount Hotels & Resorts, owned and developed by luxury real estate developer Damac Properties, is over 85 per cent complete, the company said in a statement. Developed in collaboration with Paramount Hotels & Resorts, the project continues to make good progress with superstructure works 100 per cent complete, and internal finishes, façade works, mechanical, electrical and plumbing (MEP) works, carpentry and joinery works nearing completion. The complex, located in Dubai's Burj area, comprises four towers stretching 250 m 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 more than 1,900 units (including the hotel) with a total saleable area of approximately 2 million sq ft. 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 $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.

The successful collaboration between Damac Properties and Paramount extends across various projects, including the $500-million Paramount Tower Hotel & Residences strategically located on Sheikh Zayed Road in Dubai, with China State Construction Engineering Corporation (Middle East) awarded a Dh554 million ($150.8 million) contract to build the 27 floors that comprise a collection of luxury residences.