DAMAC Properties, the Middle East’s largest luxury private developer, is launching phase two of a US$1 billion luxury hotel and serviced residences to Saudi investors, following a sell-out event in Dubai.
DAMAC Towers by Paramount, is being developed on platinum real estate in Dubai overlooking the Burj Khalifa and the world’s largest mall. More than 200 units were snapped up in just a few hours, making it one of the most sought-after projects in the region.
DAMAC Towers by Paramount comprises a 540 key Paramount Hotel & Residences and more than 1,000 units of DAMAC Maison – Paramount co-branded serviced hotel residences.
Developed by DAMAC Properties in partnership with Paramount Hotel & Resorts (PHR-FZ-LLC), the project offers an ambience and reflection of the Hollywood glamour and California cool lifestyle, synonymous with Paramount Pictures over the past 101 years.
DAMAC Properties will be presenting the project during a road show in Riyadh and Jeddah on 6 April 2013 and there will be further events in Dammam and Mecca on 7 April 2013, with exclusive launch prices for the second release of the project. Interested parties can register for the events at www.damacproperties.com .
“The response we have seen from Saudi investors is unprecedented,” said Ziad El Chaar, Managing Director, DAMAC Properties. “Our partnership with one of the most established movie houses in Hollywood has proved a big draw. Saudi investors make up a huge percentage of our loyal client base and they recognise the intrinsic value of this unique project.”
A recent report by Knight Frank also showed that projects in Dubai associated with luxury brands are demanding nearly 60 per cent more value than non-branded projects in the same area. The report added that: ‘it seems likely that as global wealth creation expands, the demand for high-quality, branded residential developments in key global centres will undoubtedly rise.’
“Families seek out places to go and places to stay primarily based on the entertainment proposition. DAMAC Towers by Paramount offers a unique movie concept for every moment of the stay – this is what makes us different,” added El Chaar.
DAMAC Properties has already secured approval from RERA (Real Estate Regulatory Authority) and DTCM (Dubai Tourism and Commerce Marketing) and the plot of land has been fully paid for. All funds received from the initial unit sales have gone into the Escrow account, specifically tied to the project.
The one, two and three bedroom serviced hotel residences will be managed by DAMAC Maison, the hospitality division of DAMAC Properties.
Serviced Hotel residences will feature fully-fitted kitchens and services that also include valet parking, concierge, housekeeping, in-room beauty treatments and 24-hour kids club. In addition owners can elect to add their residence in the ‘rental pool’ whilst they are away, allowing for rental returns to be generated.
“Saudi’s in particular love going to the movies and enjoy the escapism, anticipation and fantasy that the experience offers,” said Thomas van Vliet, Chief Executive Officer, PHR FZ-LLC. “The Paramount Hotels & Resorts Hotel, luxury serviced residences and DAMAC Maison serviced apartments provide that experience in a high-class and stylish manner. The project will bring guests and residents closer to their favourite movies and actors, while creating a refined environment to escape and relax.”
The four towers which make up DAMAC Towers by Paramount’are brought together with 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 all featuring the Paramount brand or select partner brands. Each tower stretches over 250 metres into the air.
DAMAC Properties has completed 37 buildings to date with 7,817 units and spanning 13,945,299.00 sq feet. DAMAC Properties also has a further 66 buildings at various stages of progress across the Middle East and North Africa region. These consist of 12,100 units.