Phase Two of ‘Damac Towers by Paramount’ launched in Saudi Arabia

Damac Properties, the Middle East’s largest luxury private developer, is launching phase two of a $1 billion luxury hotel and serviced residences to Saudi investors, following a sell-out event in Dubai.

“Damac Towers by Paramount”, is being developed on platinum real estate in Dubai overlooking the Burj Khalifa and the world’s largest mall. More than 200 units were snapped up in just a few hours, making it one of the most sought-after projects in the region.

Damac Towers by Paramount comprises a 540 key Paramount Hotel & Residences and more than 1,000 units of Damac Maison – Paramount co-branded serviced hotel residences.

Developed by 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.

Damac Properties will be presenting the project during a road show in Riyadh and Jeddah on 6 April 2013 and there will be further events in Dammam and Mecca on 7 April 2013, with exclusive launch prices for the second release of the project..

“The response we have seen from Saudi investors is unprecedented,” said Ziad El Chaar, Managing Director, Damac Properties. “Our partnership with one of the most established movie houses in Hollywood has proved a big draw. Saudi investors make up a huge percentage of our loyal client base and they recognise the intrinsic value of this unique project.”

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

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