Damac’s Paramount project ready for construction
Dubai developer awards AED1 billion contract to Turkish firm
September 8, 2013 4:44 by Muhammad Aldalou
Luxury developer Damac Properties has granted a AED1 billion construction contract for its newly launched Paramount towers – a Hollywood-themed luxury hotel and serviced residences.
The 33-month long contract was awarded to the Dubai branch of Turkish firm TAV Tepe Afken Investment construction and operations, and it is the largest single contract the Dubai-based developer has awarded.
Enabling work has been completed onsite and it is ready for the main contractor to start the construction work, according to a statement by Damac.
The ‘Damac Towers by Paramount’ project consists of four Hollywood-themed towers built around the Burj Khalifa, which are expected to be completed by 2015.
The four towers are brought together with a multi-level plaza, offering a wide selection of food and beverage concepts, meeting and events facilities, a screening room, wellness and fitness centres, swimming pools, kids clubs, retail, and merchandise.
Each tower will stretch 250 metres into the air, and one tower will comprise the Paramount Hotel and Residences with the remaining three towers housing the Damac Maison – Paramount co-branded serviced hotel residences.
The project was announced back in March, with the first phase sold out on its opening day. Within seven weeks, the developer announced sales of more than AED1 billion, selling more than 40 per cent of the project in less than two months.
Speaking to Niall McLoughlin, senior VP at Damac at the time of the announcement, he said that the market is too segmented, and using one statement to label Dubai’s real estate sector is wrong.
“The really important thing to remember here is that over the past year, there has been a 20 per cent hike in value of luxury products in luxury locations and that projects associated with luxury brands create 60 per cent more value than non-branded ones in the same area,” McLoughlin says.
Damac Properties has completed 8,887 units to date and has a further 21,175 units at various stages of progress across the Middle East.