Thursday, March 07, 2013

Damac launches $1bn project in Downtown Dubai


Leading Dubai-based developer, Damac Properties, yesterday, launched $1bn hotel and branded serviced apartment project in Downtown Dubai. The master development Downtown Dubai has seen maximum project launches till date this year in Dubai.

The project, namely ‘Damac Towers’, is being developed together with Paramount Hotel & Resorts, the official licensee of Paramount.

The project, comprising four towers, will have each tower over 250 mts tall, comprising 540 room Paramount Hotel and Residences, and over 1400 serviced apartments in Damac Maison.

The announcement follows the launch of the two towers by the developer in Dubai, and Riyadh last month. The new project, now under construction, will be ready by end of 2015, the developer said.

The four towers will have a common multi-level plaza, which will offer a selection of themed food and beverage concepts, a screening room, wellness and fitness centres, kids club, swimming pools, retail and merchandise, all featuring the paramount brand or select partner brands.

While one tower will comprise the Paramount Hotel and Residences, the remaining three towers will have part of the Damac Maison.

Damac Towers by Paramount will showcase authentic California lifestyle, the glamour of Hollywood, and reassuring signatures of the Paramount brand. It will include Paramount movies library, paramount screening room, creative usage of transformational elements like media mapping and lighting effects throughout the public areas and digital signage.

The hotel with serviced residences will be managed by Paramount Hotels and Resorts, while remaining three towers will be managed by Damac Maison, the hospitality division of Damac Properties.

Luxury branded hotel apartments in Dubai are drawing prices in the range Dh.5000 per square feet, in comparison to ordinary unfurnished apartments in the same area, drawing Dh.3000 to Dh.3500 per square feet, the developer claimed.

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