Damac Towers by Paramount Hotels & Resorts is now over 85% complete, the developer announced on Monday.
Superstructure works are now 100% complete, and internal finishes, façade works, MEP works, carpentry and joinery works are nearing completion, according to a press statement.
Comprising four towers stretching 250 metres high, the project will feature one-, two- and three-bedroom luxury serviced branded apartments, offering more than 1,900 units with a total saleable area of approximately 186,000m2.
Niall McLoughlin, senior vice president, Damac Properties said: “Bringing a Hollywood-inspired lifestyle to Dubai to an iconic development in the heart of the city, Damac Towers by Paramount Hotels & Resorts offers everything that discerning residents look for in a premium and fashionable living space – from easy access to high-end shopping and dining experiences, to all the luxuries that come as part of the Paramount brand.”
Damac Properties is currently selling units in three of the towers to be operated under its Damac Maison brand, with the development having an estimated sales value of $1.35bn.
In addition, one tower will contain a five-star hotel complex to be operated by Paramount Hotels & Resorts, which will have over 800 rooms. Hotel rooms will be managed under a rental pool scheme.
Among the numerous awards the Damac Towers byParamount Hotels & Resorts project has won is the ‘Tower Project of the Year’ accolade at the Construction Week Awards in 2016, in recognition of construction best practice, safety and use of innovative technologies.
Damac Properties and Paramount have collaborated on other projects including the $500m Paramount Tower Hotel & Residences located on Dubai’s Sheikh Zayed Road, with China State Construction Engineering Corporation (Middle East) LLC awarded a $150m (AED554m) contract to build the 27 floors that comprise the collection of luxury residences.
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