Business & Money | Monday 23 February, 2015 10:23 am |

Two of the most iconic towers in the heart of Riyadh, KSA, have been topped out; less than 2 years after work began.

Luxury real estate developer DAMAC Properties has announced that its DAMAC Esclusiva and DAMAC Tower by Paramount projects on King Fahd Road have now reached their final heights at 32 and 35 floors respectively. Blockwork on each tower has also reached the top floors.

The first of their kind developments in the Kingdom offer the ultimate luxury living experience, with the 100 private serviced-apartments in DAMAC Esclusiva designed with interiors by FENDI Casa. DAMAC Tower by Paramount offers branded-serviced apartments with the feeling and ambience inspired by the Paramount Pictures movies over the past century.

“These two projects are proving to be a huge success even before their completion,” said Ziad El Chaar, Managing Director of DAMAC Properties. “We are witnessing a high demand on these exclusive serviced apartments that are extremely well designed to the highest standards of luxury and very well located in the heart of Riyadh. Saudi businessmen and those visiting the capital regularly for business or leisure will enjoy a perfect solution in DAMAC Esclusiva and DAMAC Tower by Paramount.”

El Chaar added that the “distinguished Saudi clientele appreciates this standard of property which serves to offer home comforts and privacy in a beautifully appointed home. From a value perspective, investors realize that branded properties are offering higher returns compared to the value of similar properties in terms of size and location. The value of branded properties can reach between 25 to 30% higher based on some expert reports such as Knight Frank’s report on the branded developments.”

DAMAC Properties is a leader in the field of branded developments through its cooperation with one of the most important and reputed international brands such as Versace, Trump, Paramount and FENDI. The Italian fashion house FENDI, is an expert in implementing the best designs in terms of shape, functionality, colour and quality of material when it comes to high luxury standards.

The main unique features of the designs in DAMAC Esclusiva interiors will be the mix between the ancient Eastern heritage and the beauty of the Italian craftsmanship. The collaboration between DAMAC Properties and FENDI includes as well the interior design of DAMAC Residenze, another landmark project in Dubai overlooking one of the most desired areas on Dubai’s water front.

As for Paramount, the giant international movie producer, the Hollywood distinguished lifestyle and feeling of top quality service will be at the core of the DAMAC Tower by Paramount offering. These luxury serviced apartments will be a perfect answer to the needs of many in this sector searching for easy access to the city and worry-free luxury living requirements.

DAMAC Properties is partnering with Paramount Hotels & Resorts in four other projects in Dubai, UAE, including DAMAC Towers by Paramount Hotels & Resorts, a project consisting of four towers, each 64-storey’s high within the Burj Area of Dubai.

The two companies are also collaborating on two further hotels; the Paramount hotel on the famous Jumeirah waterfront and an 800 key project in the Burj Area. There will also be the first-ever serviced villas within the 42 million sq ft AKOYA by DAMAC master development in Dubai, DAMAC Villas by Paramount Hotels and Resorts.

DAMAC Esclusiva and DAMAC Tower by Paramount are set to be finished next year and will be the new landmark in Riyadh overseeing the Kingdom tower and setting a new standard in luxury living.

As of December 31st 2014, DAMAC Properties has delivered almost 13,000 homes and has a development portfolio of over 38,000 units at various stages of progress and planning. Included are more than 10,000 hotel rooms and serviced hotel apartments under development, which will be managed by its hospitality arm, DAMAC Hotels & Resorts.