Wednesday, April 25, 2012

Damac Properties Launches $1.0bn Complex In Dubai

Dubai property development company Damac Propertiesaon March 6 launched a .0 billion complex dubbed Damac Towers, gulf-focused web portal emirates247.com reported. The complex will comprise hotel and branded service apartments distributed across four towers.

New towers for Dubai's skyline

Encouraged by the renewed confidence in th eDubai property market, real estate developers in the emirate have announced a record number of new projects since the start of 2013. High-profiled project launches have been announced by some of the emirate's biggest developers such as Emaar Properties, Meraas and Nakheel. The Damac Towers hotel and branded serviced apartments complex, which will be developed by the privately-held real estate developer Damac Properties in collaboration with Paramount Hotel & Resorts, is the latest in this line of new launches. It aims to add another four towers to the already busy skyline of Dubai. Rising over 250 metres each, the four towers will comprise 540-room Paramount Hotel & Residences and over 1,400 service apartments in Damac Maison, a Paramount co-branded serviced hotel residence. One of the towers will be reserved for the Paramount Hotel & Residences and will be managed by Paramount Hotels and Resorts, while the other three towers will be managed by Damac Maison, the hospitality arm of the Dubai property developer.

This is not the first project the company has announced so far this year. Last month, Damac Properties launched two towers - in Dubai and Riyadh - for the development of which the company will be partnering with Italy's Fendi Group
The launch of the Damac Towers complex was announced at ITB Berlin, a leading travel trade show, by Damac's managing director Ziad El Chaar who spoke enthusiastically about the project and the collaboration with Paramount. He said that the company will follow the production process pioneered by Paramount to design and create a world-class experience. His enthusiasm was shared by Thomas van Vliet, CEO of Paramount Hotel & Residences, who said that the complex will offer the typical unmistakable Paramount experience. The guests in our audience will be led on a journey that delights the eyes and engages the emotions, he said.

The development of the project is estimated to cost.0 billion. The project should be completed by 2015, the developer said.

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