DAMAC Towers by Paramount Passes Key Construction Mark

DAMAC Properties, one of the largest residential, leisure and commercial developers in Dubai and the Middle East, has announced the completion of the first major construction phase at DAMAC Towers by Paramount.

DAMAC Towers by Paramount Passes Key Construction MarkDAMAC Towers by Paramount Passes Key Construction Mark

New Delhi, Delhi, February 4, 2014 /India PRwire/ -- DAMAC Properties, one of the largest residential, leisure and commercial developers in Dubai and the Middle East, has announced the completion of the first major construction phase at DAMAC Towers by Paramount.

The concrete raft has been cast at the US$1 billion project in the Burj Area of Dubai, allowing main construction to begin on all of the four towers.

"This is a critically important phase for the development," said Niall McLoughlin, Senior Vice President, DAMAC Properties. "Now that the full raft has been cast, work can begin on the main floors. As you drive past the project in the coming weeks and months, you will start to see this impressive structure rise from the ground."

More than 19,000 cubic metres of concrete and over 2.2 metric tonnes of reinforced bar were used in the construction of the raft. Work is now underway on the four main 70-storey towers, which will eventually rise 250 metres into the air.

The project includes more than 1,800 units comprising one, two and three bedroom serviced hotel rooms and residences.

The Serviced Hotel residences come fully furnished and fully serviced, with fitted kitchens, valet parking, concierge, housekeeping, in-room beauty treatments and a kids club. In addition, owners can elect to add their residence in the 'rental pool' whilst they are away from Dubai, allowing for rental returns to be generated on the unit - all managed by DAMAC Maison.

The project also includes a Paramount Hotels & Resorts hotel in which investors can purchase a stake in the booming Dubai hospitality market by owning their own hotel room and earning revenue on the unit.

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

DAMAC Towers by Paramount was the first project announced as part of the collaboration with Paramount Hotels & Resorts(PHR-FZ-LLC). Since then, DAMAC Properties has introduced the Paramount Hotel Jumeirah Waterfront, in addition to the DAMAC Villas by Paramount being developed at the AKOYA by DAMAC master development and DAMAC Tower by Paramount luxury serviced apartments on King Fahd Road in Riyadh, KSA.

"The projects with Paramount Hotels & Resorts have proved to be among the most popular in Dubai, as our clients see the intrinsic value of branded real estate, which is realising values nearly 60% more than non-branded projects in the Burj Area," added McLoughlin. "The consistent construction on the project will only enhance the attractiveness of DAMAC Towers by Paramount to buyers interested in the Burj Area of Dubai."

DAMAC Properties has completed 8,887 units to date and has a further 23,688 units at various stages of progress and planning across the Middle East region.

Further information is available at www.damacproperties.com

Notes to Editor

About DAMAC Properties:

DAMAC Properties was established in 2002, as a residential, leisure and commercial developer in Dubai and the Middle East. In the past decade, DAMAC Properties has expanded into Iraq, Jordan, Lebanon, Qatar and Saudi Arabia.

DAMAC Properties has completed 8,887 units to date andhas a further 23,688 units at various stages of progress and planning across the Middle East region.

In May 2013, DAMAC Properties introduced the 42 million square foot 'AKOYA by DAMAC' master plan development off Umm Suqeim Road in Dubai. The project includes mansions, villas, luxurious apartments and retail centre all surrounding an 18-hole Championship Golf Course 'TheTrump International Golf Club, Dubai'.

Within the AKOYA by DAMAC golf course community, featured products include 'The Trump Estates', a luxurious lifestyle community located in the most desirable locations of the development. Also set within the heart of the community is a global first, with the launch of FENDI fashion-styled villas using FENDI Casa designs and influences, these villas offer a new concept of refined living.

The project also includes a 14 million sq ft extension to the original 28 million sq ft at AKOYA by DAMAC, with a dedicated 4.3 million sq ft of open parkland, which will be a first-of-its-kind development in the region. The exclusive villas are set within the grounds of a lush green open space reserved for the residents of the community. The AKOYA Park will become one of the largest private parks in the region.

The company is also developing a US$1 billion hotel and luxury serviced residences in the BurjKhalifa 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 October 2011, DAMAC Properties launched its hospitality division, DAMAC Maison, which will provide bespoke hospitality services to residents in 7,351 serviced hotel apartments by the end of 2017.

DAMAC Properties reinforced its position as the region's premium developer with the launch of 'DAMAC Tower' in Beirut, Lebanon. A 28- storey 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, in Jeddah, Saudi Arabia.

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 Dubai Marina, with interior designs by FENDI Casa.

In addition to support services provided by the Dubai headquarters, the company's comprehensive Customer Care Program provides solutions through its network with offices in the UAE, Jordan, Iraq, Lebanon, KSA and Qatar.

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


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