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Damac Properties, one of the largest luxury private developer of the Middle East, is launching the next phase of a $1bn luxury hotel and serviced residences to Qatari investors, following a sell-out event in Dubai. |
Damac Towers by Paramount, is being developed on sought-after 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 desirable projects in the region. Damac Towers by Paramount comprises a Paramount Hotel & Residences and Damac Maison serviced units – Paramount co-branded serviced hotel residences.
Developed by Damac Properties in partnership with Paramount Hotel & Resorts (PHR-FZ-LLC), the project offers an ambience and reflection of the Hollywood glamour and California lifestyle, synonymous with Paramount Pictures over the past 101 years. The group will be presenting the project at the Four Seasons Hotel in Doha tomorrow and day after, with exclusive prices.
“Dubai-Doha is currently the seventh largest international route in the world based on seat capacity, according to CAPA and Innovata data. Many of the Qataris, who regularly visit Dubai, are looking to own their own place, and luxury serviced apartments provide a home away from home where the whole family can experience homely comforts and top class service” said Ziad el-Chaar, managing director, Damac Properties.
A recent report by Knight Frank also showed that projects in Dubai associated with luxury brands are demanding nearly 60% more value than non-branded projects in the same area. The report added: “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 (Real Estate Regulatory Authority) and DTCM (Dubai Tourism and Commerce Marketing) 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.
The one, two and three bedroom serviced hotel residences will be managed by Damac Maison, the hospitality division of Damac Properties. The 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.
