Damac says delayed $1bn hotel project now 85% complete

Dubai developer says Damac Towers by Paramount Hotels & Resorts will offer over 1,900 units
Damac says delayed $1bn hotel project now 85% complete
By Staff writer
Tue 11 Apr 2017 02:00 PM

Damac Properties has announced that its luxury hotel and serviced residences, Damac Towers by Paramount Hotels & Resorts, which was originally due to open by the end of 2015, is now more than 85 percent complete.

Developed by Damac in collaboration with Paramount Hotels & Resorts, work "continues to make good progress" with superstructure works 100 percent complete, and internal finishes, façade works, MEP works, carpentry and joinery works nearing completion, the developer said in a statement. 

The complex comprises four towers stretching 250 metres high and will feature one-, two- and three-bedroom luxury serviced branded apartments, offering Hollywood glamour and the California ‘cool’ lifestyle, synonymous with Paramount Pictures.

The $1 billion project, which was launched in 2013, has been designed to offer over 1,900 units (including the hotel) with a total saleable area of approximately 2 million square feet.

Damac Properties said it is currently selling units in three of the towers to be operated under its Damac Maison brand, with the development having an estimated sales value of $1.35 billion. 

In addition, one tower will contain a five-star hotel complex to be operated by Paramount Hotels & Resorts, which will have over 800 rooms. Hotel rooms will be managed under a rental pool scheme.

Damac did not immediately respond to a request for a new completion date for the project. 

Niall McLoughlin, senior vice president, Damac Properties said: “Bringing a Hollywood-inspired lifestyle to Dubai to an iconic development in the heart of the city, Damac Towers by Paramount Hotels & Resorts offers everything that discerning residents look for in a premium and fashionable living space.

"We are excited to see this exquisite development take final shape, and upon completion, further elevate the style quotient of the sophisticated and glamorous Burj neighbourhood.” 

The collaboration between Damac and Paramount extends across various projects, including the $500 million Paramount Tower Hotel & Residences on Sheikh Zayed Road in Dubai.

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