DAMAC Towers by Paramount Reaches for the Stars

Real Estate

DAMAC Towers by Paramount Reaches for the Stars

The iconic US$1 billion DAMAC Towers by Paramount resort in the Burj Area of Dubai has already passed the 16th floor of construction on each of its four towers, according to developer, DAMAC Properties.

The luxury project includes more than 1,800 units comprising approximately 1,000 one-, two- and three-bedroom serviced suites and an 800-key, 5-star Paramount Hotel. Each will reflect the style and ambience of the movies produced by Paramount Pictures over the past century.

DAMAC Towers by Paramount is currently one of the single largest projects under construction in Dubai. The total number of floors in the development will exceed the total number within the Burj Khalifa, the worlds tallest tower, when it is completed in 2016. Each tower will stretch more than 250 metres into the air, with 10 podium levels and 58 additional storeys.

The core walls on each of the four towers have now reached the 16th level, with the slabs already passing the 13th floor of the project.

Developing such a huge project, with four towers all being constructed simultaneously, has brought some challenges, but we are delighted with the way the project has grown in the past year, said Niall McLoughlin, Senior Vice President, DAMAC Properties. DAMAC Towers by Paramount is already an iconic development coming up in the Burj Area and we look forward to opening the first ever Paramount Hotel & Resort anywhere in the world.

The project includes a multi-level plaza, offering a selection of 11 themed food & beverage concepts, unique meeting & events facilities, a private screening room, wellness & fitness centres, swimming pools, kids club, retail, and merchandise.

Such has been the response to the project; DAMAC Properties recently announced it is to build another Paramount Hotels & Resorts project in Dubai. Paramount Hotel Dubai, Downtown will include 1,250 rooms & suites, making it one of the biggest hotels in the emirate. The development will support Dubais tourism growth in the lead up to the World Expo in 2020.

DAMAC Properties is also building the 276-key, Paramount Hotel, Jumeirah Waterfront, DAMAC Villas by Paramount within the AKOYA by DAMAC master development and DAMAC Tower by Paramount in Riyadh, KSA.

We see these unique branded developments with Paramount Hotels & Resorts as a key tranche of our business moving forward, added McLoughlin. The hospitality sector needs to grow three-fold in the coming six years, just to keep up with the number of tourists set for Dubai and we believe that the DAMAC Towers by Paramount developments will prove a huge draw to international visitors.

Established in 2002, DAMAC has delivered almost 11,000 units to date and currently has a development portfolio of over 26,000 units at various stages of progress and planning as of June 30th 2014, which includes over 10,000 hotel rooms and serviced hotel apartments.

Further information is available at www.damacproperties.com