DAMAC Properties Launches the new ‘Paramount Residences at the Paramount Tower Hotel & Residences’ in Dubai

Set to be the most Exclusive Residences in the Burj Area;

Flexible Investments to Suit Every Need

DAMAC Properties, Dubai’s leading luxury real estate developer, has announced its latest hospitality project in collaboration with Paramount Hotels & Resorts.

The company has launched ‘Paramount Residences at the Paramount Tower Hotel & Residences’, an 826 key luxury hotel and hotel residences tower on Sheikh Zayed Road. The 64-storey project will offer a sky lobby with views across the Burj area, a private Paramount Pictures screening room, the most picturesque rooftop infinity swimming pool overlooking the Downtown area with a terrace and a Fitness & Wellness Centre with a state-of-the-art Spa.

Construction work on Paramount Tower Hotel & Residences is already underway, with completion scheduled for Q3 2019. Prices for the hotel residences, which will be located on the 36-64th floors, will start at AED 1,800 per sq ft.

“As the number of tourists to Dubai continues to outpace most of the world, there is a huge demand for quality, stylish and luxury living experiences, both with hotels and the high-end hotel apartments sectors,” said Ziad El Chaar, Managing Director, DAMAC Properties. “Paramount Tower Hotel & Residences will bring to life the Hollywood glamour and California cool lifestyle synonymous with Paramount Pictures in an environment which is stylish and aspirational.”

DAMAC Properties has a number of projects under construction with Paramount Hotels & Resorts across the Middle East, including DAMAC Towers by Paramount Hotels & Resorts – a four tower project in the Burj Area which is due to open in the last quarter of 2016; DAMAC Tower by Paramount Hotels & Resorts in Riyadh, KSA; Paramount Hotel Dubai Jumeirah Waterfront in Maritime City, Dubai and serviced villas within the company’s AKOYA by DAMAC golf community.

“This sleek new addition to our portfolio will be the hot spot of this buzzing metropolis – boasting artistically infused exquisite design, with a premium on service,” said Paramount Hotels & Resorts’ CEO, Thomas Van Vliet. “This will be our boutique signature that reflects the infectious energy of Dubai.”

The selection of hotel rooms and suites are uniquely designed with reflections of the renowned Paramount Pictures brand throughout. Each fully furnished unit includes access to a film library of over 3,000 titles and offers tasteful décor and luxurious fittings to create a truly individual living environment.

The residences have separate living and dining areas combined with Paramount Hotels & Resorts’ amenities and service. Units are available in one, two and three bedroom options, in addition to two exclusive penthouses.

The Paramount Tower Hotel & Residences also includes entertainment and dining options on the podium levels, with two contemporary and timeless restaurants, an intimate cinema modeled after the professional screening rooms of Paramount Pictures, luxury shops, art galleries and an all-day kid’s studio club.

Offering ever-changing light enhancements to reflect the stunning views across the city, the rooftop infinity swimming pool is one of several iconic elements in the tower. The Fitness & Wellness Centre, along with the high-tech Spa, both offer cutting-edge facilities combined with personal trainers, yoga teachers and skin-care specialists.

According to figures released by the Dubai Tourism & Commerce Marketing, Dubai’s hotel market welcomed 11.6 million guests in 2014, demonstrating a 6% growth on the previous year. Echoing this surge, Dubai International Airport welcomed more than 70 million passengers, making it the busiest international passenger airport in the world, overtaking Heathrow in the UK. Visitor numbers into Dubai are expected to double over the next five years to around 20 million, with 25 million tourists expected in 2020, when Dubai hosts the World Expo.

Much of the growth in tourism has come from emerging markets in South Asia (14% growth in visitors to Dubai), Far East Asia (13%) and Africa (11%). Dubai currently has less than 65,000 hotel keys according to research conducted by JLL, with just 28,000 rooms planned in the coming three years. Dubai Tourism and Commerce Marketing (DTCM) has stated that Dubai will require 160,000 rooms by 2020, highlighting a clear imbalance in supply and demand.

As of March 31st 2015, DAMAC Properties has delivered almost 14,000 homes and has a development portfolio of over 37,000 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.

Further information is available at www.damacproperties.com

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Notes: 

DAMAC Properties has been at the forefront of the Middle East’s luxury real estate market since 2002 – bringing luxury living experiences to residents from all over the world. Making its mark at the highest end of stylish living, DAMAC Properties has cemented its place as the leading luxury developer in the region, offering iconic design and the upmost quality. The company’s footprint now extends across the Middle East with projects in the UAE, Qatar, Saudi Arabia, Jordan and Lebanon.

As of March 31st 2015, DAMAC Properties has delivered almost 14,000 homes and has a development portfolio of over 37,000 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.

The company is listed on the Dubai Financial Market (DFM). The company also issued a US$650 million five year Sukuk on NASDAQ Dubai in April of 2014, which was more than four times oversubscribed and was placed with institutional investors across Europe, the Middle East and Asia.

As a leading player in the market, DAMAC Properties has joined forces with some of the most recognisable fashion and lifestyle brands in the world to bring new and exciting living concepts to the market. Projects include a Tigers Woods designed golf course which will be managed by The Trump Organisation, luxury apartments with interiors by Italian fashion-house Versace, luxury apartments and villas with interiors by FENDI and uniquely conceptualised Paramount Hotels and Resorts to bring serviced living at it most opulent.

The company is also developing two of the most anticipated luxury master communities in Dubai – AKOYA by DAMAC and AKOYA Oxygen. With a combined square footage of almost 100 million sq. ft., the two distinct projects bring luxury villas within lush green surrounds to the doorstep of those looking to escape the city lights in a private, serene environment.

Running through the heart of each project will be an 18-hole Championship Golf Course – The Trump International Golf Club, Dubai designed by Gil Hanse at AKOYA by DAMAC and The Trump World Golf Club, Dubai, designed by Tiger Woods. Both courses will be managed by the Trump Organization, offering the highest levels of white glove service.

Each project will house the highest luxury villas and apartments currently available on the market, with branded living concepts available within AKOYA by DAMAC from Paramount Hotels & Resorts and FENDI. The Trump Estates mansions also offer a truly indulgent lifestyle, with panoramic views across the course.

As a global leader in branded real estate, the company is also developing a US$1.25 billion hotel and luxury serviced residences in the Burj area of Dubai, called DAMAC Towers by Paramount, which will comprise the first Paramount hotel and serviced residences in the region.

DAMAC Properties’ hospitality portfolio will extend within the coming three years to reach around 10,000 units of hotel rooms, serviced hotel apartments and serviced villas. The company’s pipeline of hospitality projects to be opened in the coming few months extends in different locations of the Burj Area and other key areas of Dubai with its DAMAC Maison and NAIA products.

With vision and momentum, DAMAC Properties is building the next generation of Middle East luxury living.

Further information is available at www.damacproperties.com or join DAMAC Properties on Facebook, Twitter (@DAMACOfficial) and YouTube.