Damac to hire $1bn Paramount project builder soon

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Dubai-based developer Damac has said that it is aiming to have a contractor appointed to build the new $1bn Damac Towers by Paramount scheme in Downtown Dubai by July.

Managing director Ziad El-chaar told Construction Week: "The project is moving very quickly. The sales pace was very quick. We achieved approximately AED1bn ($272m) in terms of sales in the first two phases and we opened the third phase ten days ago."

"They are finishing enabling and piling works by the end of June and the main contractor should be mobilising to site by the middle of July.

The project is a series of four towers linked via a podium level. One of the towers will contain the first Paramount-branded hotel in the region - and the first to be operated by Damac - while the other three will contain serviced apartments.

The podium level will contain 12 food & beverage (F&B) units, including ten 10 themed restaurants and two cafes and lounges

"We are collaborating with the consultants of Paramount hotels, who are bringing some consultants from Las Vegas to add the movie flair into the F&B," he said.

"We will be completing by the end of 2015. This is the aim today. We know it's an aggressive target - we're going to try to make that target and if we miss it we will not miss it by more than six months."

El Chaar said that Damac is showing "a determination to build quickly" on its projects. He cited the example of The Distinction - a 195 metre, 53-storey serviced apartments tower in Downtown Dubai which was launched in December 2012 and is already built beyound its podium to fifth floor level. It is being built by contractor ANC.

"This is what we’ve learned from 2008. You need to build quickly."

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I think this is one of the greatest projects going to be build with quality finish ,new idea ,and wonderful location.

Posted by: MdB

it's an awesome project, very well located and overall, intersections gives this plot and project some privacy.

Posted by: Pat

i like the project but the location is between intersection of bridges on al khail road

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