Dubai, United Arab Emirates – 10 April 2017

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.

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Further information is available at www.damacproperties.com

DAMAC Properties has been at the forefront of the Middle East’s luxury real estate market since 2002 – bringing luxury living experiences to residents from all over the world. Making its mark at the highest end of stylish living, DAMAC Properties has cemented its place as the leading luxury developer in the region, offering iconic design and the upmost quality. The company’s footprint now extends across the Middle East with projects in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon and the United Kingdom.

As of 31st December 2016, DAMAC Properties has delivered approximately 17,900 homes. The company has a development portfolio of over 44,000 units at various stages of progress and planning, comprising more than 13,000 hotel rooms, serviced apartments and hotel villas, which will be managed by its hospitality arm, DAMAC Hotels & Resorts. With vision and momentum, DAMAC Properties is building the next generation of Middle East luxury living.

Further information is available at www.damacproperties.com or join DAMAC Properties on Facebook, Twitter (@DAMACofficial) and YouTube.

For more information, please contact: Niall McLoughlin, Senior Vice President, DAMAC Properties. Tel: +971 4 3731000 │ Fax: 00 9714 3732335 │Email: niall.mcloughlin@damacgroup.com

© Press Release 2017