Damac to hire $1bn Paramount project builder soon

  • Share via facebook
  • Tweet this
  • Bookmark and Share

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."

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules


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

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Top 40 most powerful architects in the Middle East

Top 40 most powerful architects in the Middle East

Our annual shakedown of the region's 40 most influential and...

Slumping oil won't derail $500bn Gulf infrastructure plan

Slumping oil won't derail $500bn Gulf infrastructure plan

Rich GCC nations will deploy huge reserves to maintain a breakneck...

Revealed: GCC's top 10 developers

Revealed: GCC's top 10 developers

The biggest players behind many of the region's most ambitious...

Most Discussed
  • 13
    Has Narendra Modi already lost the plot?

    Gaja, You said it in one sentence. Anil can't comment because Modi is an elected leader. He can't comment because India is the biggest democracy. While... more

    Saturday, 28 March 2015 10:24 AM - Rafi
  • 12
    Nakheel PR: The toughest job in Dubai?

    To this day, Nakheel invoices out full year service charges in advance.

    They 'imply' in the text that these fees must be paid immediately. more

    Saturday, 28 March 2015 10:24 AM - Barry MCK
  • 6
    Drunk passenger who slapped air stewardess jailed in Dubai

    Its high time airlines ban alcoholic drinks on board or limit it to just one drink. There are many passengers who love the free alcohol and keep drinking... more

    Saturday, 28 March 2015 2:25 AM - Azk