Sales at Damac Paramount towers top $270m

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Dubai real estate firm Damac Properties said sales at its Paramount-branded development in the emirate had now exceeded AED1bn ($270m).

The region’s largest private development firm said it had sold out units at both phase one and two of the luxury hotel and serviced residences at the project in Burj Khalifa area, which was launched seven weeks ago.

The sales represent 40 percent of the entire development, being built in collaboration with the Hollywood movie firm.

“It is testament to the desirability of Dubai’s real estate market, especially in the luxury serviced residences sector. The demand for the high-end, refined living in Damac Towers by Paramount is unprecedented,” said Ziad El Chaar, managing director, DAMAC Properties.

Damac said buyers from 32 countries, including Russia and China, had invested in the project so far. The company will now bring a third tranche of sales to the market early, based on roads in Saudi Arabia, Qatar and Singapore.

Damac Properties, which saw a number of its developments stall amid the 2008-2009 property crash in Dubai, has announced a number of new projects, including the 28m sqft Akoya by Damac master development. That development will feature 18-hole championship golf course branded by Donald Trump.

Related:
Companies
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

Posted by: saj

What happens to the existing investors who bought into La Residence, Lotus a development which has now conveniently been renamed as Damac Towers By Paramount

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Coming to America

Coming to America

As Barack Obama seeks to rebalance the bloated US economy, the...

Trump casino resort business files for bankruptcy

Trump casino resort business files for bankruptcy

The Donald founded the companies but is now suing them to have...

Do celebrity branded projects ever work?

Do celebrity branded projects ever work?

The long list of celebrity-endorsed real estate developments...

1
Most Discussed
  • 17
    Nakheel PR: The toughest job in Dubai?

    You forgot to mention the sewage pit between JLT and Jumeirah Park and the terrible landscaping in Jumeirah Park The chain link fencing they want to install... more

    Monday, 30 March 2015 9:05 AM - An Emaar Fan
  • 14
    Has Narendra Modi already lost the plot?

    Gaja - Anil is RIGHT this once! Modi stands for anarchy. Look at the way he is treating the minorities. Do you even for a second believe that he is innocent... more

    Sunday, 29 March 2015 1:42 PM - Ann
  • 14
    Dubai Int'l T1 is too congested, says Indian airline boss

    Question: All you people, criticizing my comment, do you work for Air India by any chance?

    Additionally, for all the whiners, I will provide you... more

    Tuesday, 31 March 2015 12:50 PM - Mosa