Developer embarks on Saudi investor roadshows following sell-out event in Dubai
Damac Properties said on Wednesday it is launching phase two of a $1bn luxury hotel and serviced residences to Saudi investors, following a sell-out event in Dubai.
Damac Towers by Paramount is being developed overlooking the Burj Khalifa and the world's largest mall in Downtown Dubai.
More than 200 units were snapped up in just a few hours when the project was launched in Dubai, making it one of the most sought-after projects in the region.
Damac Properties said it will be presenting the project during a road show in Riyadh and Jeddah on April 6 with further events in Dammam and Makkah on April 7, with exclusive launch prices for the second release of the project.
"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 good percentage of our loyal client base and they recognise the intrinsic value of this unique project," he added.
Damac said it 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 company added.
Due to open at the end of 2015, Damac Towers by Paramount will be based close to the world’s tallest building, Burj Khalifa, and will reportedly feature two aspects – a 540-unit Paramount Hotel & Residences, and 1,400-unit Damac Maison-Paramount co-branded service hotel residences.
Paramount Pictures, part of media conglomerate Viacom, is a 101-year-old film and television production and distribution studio responsible for films including Titanic, Breakfast at Tiffany’s, The Godfather, Raiders of the Lost Ark, Forrest Gump and Braveheart.
A recent report by Knight Frank showed that projects in Dubai associated with luxury brands are demanding nearly 60 percent 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".
The one, two and three bedroom serviced hotel residences will be managed by Damac Maison, the hospitality division of Damac Properties.