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Wed 2 Nov 2016 01:58 PM

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Dubai's Damac signs $148m deal to build Paramount Tower project

Developer awards contract to China State Construction Engineering Corp; completion set for Q1 2020

Dubai's Damac signs $148m deal to build Paramount Tower project

Damac Properties on Wednesday announced that it has awarded China State Construction Engineering Corporation (Middle East) a AED554 million ($148 million) contract to build the Paramount Residences at the Paramount Tower Hotel and Residences in Dubai. 

The global construction giant has been awarded the main work contract for 27 floors that comprise a collection of luxury residences, the Dubai-based developer said in a statement.

Paramount Tower Hotel & Residences is an 867-key luxury hotel and hotel residences tower on Sheikh Zayed Road. The 64-storey project will offer a sky lobby, a private Paramount Pictures screening room, a rooftop infinity swimming pool with a terrace and a fitness and wellness centre with a spa.

The project is scheduled for completion in the first quarter of 2020, Damac said. 

Mohammed Tahaineh, SVP – Commercial at Damac Properties said: “Paramount Tower Hotel & Residences is one of our prestigious branded projects in Dubai that will be strategically located in the Burj area.

"It is one of the four landmark hospitality projects we are developing in collaboration with Paramount Hotels & Resorts, featuring Hollywood-themed hotel rooms, hotel apartments and residential units in Dubai and Riyadh.

"It gives us great pleasure to appoint China Contracting for the provision of contracting services and the delivery of this much-awaited property.”

Yu Tao, president & CEO of China State Construction Engineering Corporation (Middle East) added: “We are delighted to have been chosen by Damac Properties to be the main contractor for the residences at Paramount Tower Hotel & Residences. This represents a significant contract for us in one of the most prestigious hospitality and residential projects in the Middle East."

The company was also appointed earlier this year for the infrastructure works at Damac's Akoya Oxygen project.

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