Damac launches Paramount Residences

Damac Properties, Dubai-based developer, has launched a new project in collaboration with Paramount Hotels & Resorts on Sheikh Zayed Road.

Paramount Residences at the Paramount Tower Hotel & Residences will be 64-storey tower with 826 hotel and hotel residences. It will have a sky lobby, a private Paramount Pictures screening room and a rooftop infinity swimming pool.

Paramount Tower Hotel & Residences

Construction work on project is already underway, with completion scheduled for third quarter 2019. Prices for the hotel residences, which will be located on the 36-64th floors, will start at Dh1,800 per square feet.

"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.

The company 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, Saudi Arabia; Paramount Hotel Jumeirah Waterfront in Maritime City, Dubai and serviced villas within the company's Akoya by Damac golf community.

Each fully furnished unit includes access to a film library of over 3,000 titles , the statement said.

As of March 31, 2015, the developer 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 over 10,000 hotel rooms and serviced hotel apartments under development, which will be managed by its hospitality arm, Damac Hotels & Resorts.

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