Phase 1 of Damac’s $1bn Paramount project sold out on Night 1

The first phase of Damac Towers by Paramount, a luxury hotel and serviced residences in the Burj Khalifa Area of Dubai, has sold out the first phase during an exclusive invite-only launch event.

More than 1,000 investors were in attendance at the IMAX cinema at Meydan Hotel for the ‘premiere’ of the $1 billion development. Executives said the event was among the most successful launches since the Dubai property market resurgence of the past 12 months.

Clients came from as far afield as the UK, the Kingdom of Saudi Arabia, Lebanon, India, Nigeria and Russia. Damac Properties have announced they will release the second phase of apartments during a road show in India and the Kingdom of Saudi Arabia.

Developed by Dubai-based Damac Properties, in partnership with Paramount Hotel & Resorts, the project offers an ambience and reflection of the Hollywood glamour and California cool lifestyle, synonymous with Paramount Pictures over the past 101 years.

“We were blown away with the positive response from clients looking to make their home in one of the most anticipated projects in Dubai,” said Ziad El Chaar, Managing Director, Damac Properties.

“Families seek out places to go and places to stay primarily based on the entertainment proposition. Damac Towers by Paramount offers a unique movie concept for every moment of the stay – this is what makes us different,” he added.

A recent report by Knight Frank showed that projects in Dubai associated with luxury brands are demanding nearly 60 per cent more value than non-branded projects in the same area. The report added that: ‘it seems likely that as global wealth creation expands, the demand for high-quality, branded residential developments in key global centres will undoubtedly rise.’

Damac Properties has already secured approval from RERA, TECOM, and DTCM and the plot of land has been fully paid for. All funds received from the initial unit sales have gone into the Escrow account, specifically tied to the project.

“Residents in the Middle East love going to the movies and enjoy the escapism, anticipation and fantasy that the experience offers,” said Thomas van Vliet, CEO, Paramount Hotel & Resorts.

“The Paramount Hotels & Resorts Hotel, luxury serviced residences and Damac Maison serviced apartments provide that experience in a high-class and stylish manner. The project will bring guests and residents closer to their favourite movies and actors, while creating a refined environment to escape and relax.”

The four towers which make up ‘Damac Towers by Paramount’ are brought together with a multi-level plaza, offering a selection of themed food & beverage concepts, meeting & events facilities, a screening room, wellness & fitness centres, swimming pools, kids club, retail, and merchandise all featuring the Paramount brand or select partner brands. Each tower stretches over 250 metres into the air.

“The initial response from our clients is testament to the recovery in the market and supports our move to develop luxury branded serviced living,” added El Chaar. “We will now bring forward the release of Phase Two of the project to allow those who missed out the opportunity to share in this exciting development.”

For the sale of the second phase of the development, the company will now host events in Mumbai and Delhi on April 5, 2013 and in Jeddah and Riyadh in KSA on April 6, 2013. There will be further events in Dammam and Mecca on April 7, 2013.

The one, two and three bedroom serviced hotel residences will be managed by Damac Maison, the hospitality division of the developer.

Serviced Hotel residences will feature fully-fitted kitchens and services that also include valet parking, concierge, housekeeping, in-room beauty treatments and 24-hour kids club. In addition owners can elect to add their residence in the ‘rental pool’ whilst they are away, allowing for rental returns to be generated.

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