Damac Properties said on Sunday that it has completed the first major construction phase of its $1bn Damac Towers by Paramount project in Dubai.
The developer said the concrete raft has been cast at the project in the Burj area of Dubai, allowing main construction to begin on all of the four towers.
"This is a critically important phase for the development," said Niall McLoughlin, senior vice president, Damac Properties.
"Now that the full raft has been cast, work can begin on the main floors. As you drive past the project in the coming weeks and months, you will start to see this impressive structure rise from the ground."
More than 19,000 cubic metres of concrete and over 2.2 metric tonnes of reinforced bar were used in the construction of the raft, a statement said.
Work is now underway on the four main 70-storey towers, which will eventually rise 250 metres into the air, it added.
The project includes more than 1,800 units comprising one, two and three bedroom serviced hotel rooms and residences.
The project also includes a Paramount Hotels & Resorts hotel in which investors can purchase a stake by owning their own hotel room and earning revenue on the unit.
Damac Towers by Paramount was the first project announced as part of the collaboration with Paramount Hotels & Resorts.
Since then, Damac Properties has introduced the Paramount Hotel Jumeirah Waterfront, in addition to the Damac Villas by Paramount being developed at the Akoya by Damac master development and Damac Tower by Paramount luxury serviced apartments on King Fahd Road in Riyadh, Saudi Arabia.
"The projects with Paramount Hotels & Resorts have proved to be among the most popular in Dubai, as our clients see the intrinsic value of branded real estate, which is realising values nearly 60 percent more than non-branded projects in the Burj Area," added McLoughlin.
Damac Properties said it has completed 8,887 units to date and has a further 23,688 units at various stages of progress and planning across the Middle East region.
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