By Daniel Shane
Dubai-based property developer says 40% of Hollywood-themed apartments sold so far
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.
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