Luxury Development Released Following Successful Launch of Two Similar Projects in Dubai
Dubai, UAE: 30 September 2013: DAMAC Properties, the Middle East's largest luxury private developer, has announced the launch of a Paramount Hotels & Resorts-branded serviced residences tower in the heart of Riyadh, in the Kingdom of Saudi Arabia.
The announcement comes on the back of the successful launch of two Paramount Hotels & Resorts-branded projects in Dubai, UAE - DAMAC Towers by Paramount Hotels & Resorts Dubai PHR FZ LLC, a luxury hotel and residences project in the Burj Khalifa area of Dubai and Paramount Hotel Jumeriah Waterfront just off Sheikh Zayed Road.
DAMAC Towers by Paramount Hotels & Resorts, Riyadh, will reflect the Hollywood glamour and California cool lifestyle and include a spa, high-end restaurants and five-star hotel servicing.
Investors can also enter their unit into a rental pool, fully managed by DAMAC Maison, the luxury hospitality division of DAMAC Properties, and earn impressive rental returns on their residence.
"This new Paramount Hotels & Resorts-branded project in Riyadh offers a contemporary and highly refined design which brings the flavour of the movies to luxury serviced living," said Ziad El Chaar, Managing Director, DAMAC Properties. "We have seen a huge response from Saudi's interested in the projects we are collaborating on in Dubai and we are delighted that we can bring the Paramount Hotels & Resorts brand to KSA and offer the same high standard of luxury living."
The project is strategically located in the heart of the Saudi capital, on the King Fahd Road, overlooking Kingdom Tower. The 215 units of luxury serviced residences are available in studios, one, two and three-bedroom residences, with a stunning 932 square metre penthouse on the top floors.
"We are delighted to be working with DAMAC Properties on a third project in the region," said Thomas van Vliet, Chief Executive Officer, PHR FZ-LLC. "Clients can expect the highest standard of services and customer care -elements which are at the heart of our promise to deliver experiences which are unmistakable, unforgettable and consequentially unmissable."
Earlier this week DAMAC Properties awarded a AED one billion contract to TAV Tepe Akfen Investment construction & operations for the main construction contract on DAMAC Towers by Paramount Hotels & Resorts. Enabling work has already been completed and TAV are mobilising to the site to start the construction work.
The luxury serviced residences in DAMAC Towers by Paramount Hotels & Resorts, Riyadh will be managed by DAMAC Maison, the luxury hospitality division of DAMAC Properties and will feature fully-fitted kitchens in addition to services that also include valet parking, concierge, housekeeping, in-room beauty treatments and kids club. In addition owners can elect to add their residence in the 'rental pool' whilst they are away from the property, allowing for rental returns to be generated.
The tower will sit next to DAMAC Esclusiva, a 150 metre high tower, which will provide refined luxurious interiors by the Italian fashion house FENDI Casa.
Both state-of-the-art projects are currently under construction and set to be completed in 2016.
DAMAC Properties has completed 8,890 units to date spanning 9,070,264 sq. ft. it also has a further 19,136 units at various stages of progress across the Middle East region covering 23,816,070 sq. ft. out of which 5,193 units will be completed this year.
Further information is available at www.damacproperties.com
About DAMAC Properties:
DAMAC Properties was established in 2002, as a private residential, leisure and commercial developer in Dubai and the Middle East. In the past decade, DAMAC Properties has expanded rapidly into Iraq, Jordan, Lebanon, Qatar, Saudi Arabia and North Africa.
DAMAC Properties has completed 8,887 units to date spanning 9.1 million sq. ft. it also has a further 23,788 units at various stages of progress and planning across the Middle East region covering 28.6 million sq. ft.
In October 2011, DAMAC Properties launched its hospitality division, DAMAC Maison, which will provide bespoke services to residents in 7,351 serviced hotel apartments by the end of 2016.
In June 2010, DAMAC Properties further reinforced its position as the region's premium developer with the launch of 'DAMAC Tower' in Beirut, Lebanon. A 28- storey iconic tower, this project is in association with Italian design group, VERSACE, with all interiors being designed by Versace Home. This was followed by the DAMAC Residences with Interiors by Versace Home, launched in Jeddah, Saudi Arabia in June 2011.
Extending its collaborations with luxury Italian fashion houses, DAMAC Properties is developing luxury serviced hotel apartments in 'DAMAC Esclusiva' in Riyadh and private apartments in 'DAMAC Residenze' in the Platinum real estate strip in Dubai Marina, with interior designs by FENDI Casa.
As a global leader in branded real estate, the company is developing a US$1 billion hotel and luxury serviced residences in the Burj Khalifa area of Dubai, called 'DAMAC Towers by Paramount', which will comprise the first Paramount Hotel & Residences in the region and DAMAC Maison serviced units - Paramount co-branded serviced hotel residences.
In May 2013, DAMAC Properties announced it is developing an 18-hole PGA Championship Golf Course, named Trump International Golf Club, Dubai at the heart of the 28 million square foot 'Akoya by DAMAC' master plan development off Umm Sequim Road in Dubai, which will include mansions, villas and luxurious apartment units.
The company's projects are located in, or create, the most desirable and exclusive locations and are built to the highest quality specification that has become synonymous with the group. DAMAC Properties' develop projects that include residential, commercial and leisure facilities that create an integrated community.
In addition to support services provided by the Dubai headquarters, the company's comprehensive Customer Care Program provides solutions through its vast network with offices in the UAE, UK, Jordan, Iraq, Lebanon, Egypt, KSA and Qatar.
Further information is available at www.damacproperties.com or join DAMAC Properties on Facebook, Twitter (@DAMACOfficial) and YouTube.
About PHR FZ LLC
Paramount Hotels and Resorts is the trade name of PHR FZ-LLC, established and registered in Dubai in 2012, secured an exclusive, long-term agreement with Paramount Licensing Inc., the licensing division of Paramount Pictures Corporation, to establish a chain of Paramount Hotels & Resorts-branded hotels resorts and residences. While not an investor, Paramount will oversee the creation of this exciting new hospitality concept. Paramount Hotels & Resorts, headquartered in Dubai, is a luxury lifestyle hospitality company that celebrates the power of creativity in all its form - design, service, entertainment, technology, accommodation, cuisine, meetings & events, wellness and fitness, to meet the needs of the new creative spirits of discerning luxury travellers.
For more information please contact:
Walid El Majzoub
TRACCS
Walid.majzoub@traccs.net
+9714 3672530
TRACCS Media Hotline: +97150 944 8389
© Press Release 2013
