Cladding Work at DAMAC Esclusiva and DAMAC Tower by Paramount Hotels & Resorts 75% Complete

Real Estate

Cladding Work at DAMAC Esclusiva and DAMAC Tower by Paramount Hotels & Resorts 75% Complete

Luxury real estate developer DAMAC Properties has announced that its DAMAC Esclusiva and DAMAC Tower by Paramount Hotels & Resorts projects on King Fahd Road have taken a major step towards completion, with 75% of the cladding works now complete. More than 16,000 sqm of glass has been installed on the outside of the two towers with the cladding consisting of reflective glass, aluminum, tri anti-steel panels.

The total amount of glass across the two towers to be installed will exceed 22,000 sqm, enough to cover three football pitches.

Work is already complete on the front panels and back panels glass elevation has reached level 29 for DAMAC Esclusiva, and level 34 for DAMAC Tower by Paramount Hotels & Resorts. Both projects will be completed and handed over next year.

The branded project, which has over 60% sold, offer the ultimate luxury living experience, with the 100 private apartments in DAMAC Esclusiva designed with interiors by FENDI Casa. DAMAC Tower by Paramount Hotels & Resorts offers branded hotel apartments with the feeling and ambience inspired by the Paramount Pictures movies over the past century.

We are delighted with the progress of the construction work at our two projects in Riyadh, which will be one of the most luxurious projects in KSA, when we hand it over next year, said Niall McLoughlin, Senior Vice President, DAMAC Properties. We have already seen great response from investors in our hospitality portfolio which we see as a strong area of growth for DAMAC Properties in the coming years.

DAMAC Esclusiva and DAMAC Tower by Paramount Hotels & Resorts have seen a significant acceleration in the construction in recent months. DAMAC Properties' commitment to the construction schedule highlights our commitment to deliver units to buyers in a timely manner, he added.

When DAMAC Esclusiva and DAMAC Tower by Paramount Hotels & Resorts were launched in Riyadh they were a first of their kind in the Kingdom in collaboration with FENDI Casa and Paramount Hotels & Resorts.

The internationally reputed design company, FENDI Casa is designing the lobby and interiors of the exclusive 100 apartments in DAMAC Esclusiva, and Paramount Pictures through Paramount Hotels & Resorts, one of the most prestigious names in the cinema industry, is partnering in the second tower. Both projects offer to Saudis high end apartments to invest or live in.

McLoughlin concluded: We are offering this opportunity to Saudis because we believe in the benefits of investing in the luxury real estate sector in Saudi Arabia. Buying a fully managed property in the Saudi capital, offering all services needed for individuals or families is an excellent competitive advantage by all means.

DAMAC Esclusiva, the luxury tower on King Fahd Road in Riyadh has been Highly Commended for best interior design in Saudi Arabia.

DAMAC Tower by Paramount Hotels & Resorts and DAMAC Esclusiva will be completed during the next year and set new standards for luxury lifestyle.

As of 30th June 2015, DAMAC Properties has delivered 14,375 homes and has a development portfolio of over 37,000 units at various stages of progress and planning.