Dubai's Damac says Paramount hotel sold out on day one

Real estate developer said that more than 1,000 investors attended the project's launch
By Daniel Shane
Wed 27 Mar 2013 02:21 PM

Dubai real estate developer Damac Properties said an upcoming US$1bn, five star hotel that will be branded by Hollywood movie firm Paramount sold out its first phase within hours of units going on sale.

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.

The company said that more than 1,000 investors attended the project's launch, with clients coming from countries including the UK, the Kingdom of Saudi Arabia, Lebanon, India, Nigeria and Russia.

"We were blown away with the positive response from clients looking to make their home in one of the most anticipated projects in Dubai," said Ziad El Chaar, managing director, Damac Properties.

"This is without doubt the biggest launch event in Dubai in the past five years, highlighting the strength in the market, especially in luxury branded serviced living," he added.

The project will feature four towers, brought together by a multi-level plaza offering a selection of themed food and drink, meeting and events facilities, a screening room, wellness and fitness centre, swimming pool, kids club, retail, and merchandise featuring the Paramount brand or selected partner brands.

Each tower will reach 250 meters in height, one of which will be Paramount Hotel & Residences, while the remaining three will house the Damac Maison-Paramount serviced hotel residences.

Damac told Arabian Business in March that the developer was planning a second Paramount-branded project in the Middle East, but would not reveal precisely where.

The Paramount project is one of the first to be launched by Damac in almost four years, after the company was hit by Dubai's real estate crash in 2008-2009.

Dubai's property market saw something of a resurgence in 2012, with consultant Knight Frank reporting that top-end real estate prices in the glitzy Gulf emirate rose 20 percent, one of the highest rates in the world.

Emaar, Dubai's largest listed property developer, recently said that its own Address The BLVD hotel residences project in the Downtown area also sold out within 24 hours of units going on sale.

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