Damac, a leading luxury project developer in the Middle East, said the response to its upcoming  luxury hotel and serviced residences in the Burj Khalifa area of Dubai has been overwhelming with the first phase completely sold out during an exclusive invite-only launch event.

More than 1,000 investors were in attendance at the IMAX cinema at Meydan Hotel for the ‘premiere’ of the $1 billion 'Damac Towers by Paramount' project, said a statement from the Dubai-based firm.

The executives hailed the evening as one of the most successful launches since the Dubai property market resurgence of the past twelve months.

Clients came from as far afield as the UK, Saudi Arabia, Lebanon, India, Nigeria and Russia.

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 cool lifestyle, synonymous with Paramount Pictures over the past 101 years.

“We were blown away with the positive response from clients looking to make their home in one of the most anticipated projects in Dubai,” remarked Ziad El Chaar, the managing director, Damac Properties.

“This is without doubt the biggest launch event in Dubai in the past five years, highlighting the strength in the market, especially in luxury branded serviced living,” he stated.

“Families seek out places to go and places to stay primarily based on the entertainment proposition. Damac Towers by Paramount offers a unique movie concept for every moment of the stay – this is what makes us different,” he added.

A recent report by Knight Frank showed that projects in Dubai associated with luxury brands are demanding nearly 60 per cent more value than non-branded projects in the same area.

“Residents in the Middle East love going to the movies and enjoy the escapism, anticipation and fantasy that the experience offers,” said Thomas van Vliet, the chief executive officer, PHR FZ-LLC.

“The Paramount Hotels & Resorts Hotel, luxury serviced residences and Damac Maison serviced apartments provide that experience in a high-class and stylish manner. The project will bring guests and residents closer to their favourite movies and actors, while creating a refined environment to escape and relax,” he added.

The four towers which make up ‘Damac Towers by Paramount’ are brought together with a multi level plaza, offering a selection of themed food & beverage concepts, meeting & events facilities, a screening room, wellness & fitness centres, swimming pools, kids club, retail, and merchandise all featuring the Paramount brand or select partner brands. Each tower stretches over 250 metres into the air.

“The initial response from our clients is testament to the recovery in the market and supports our move to develop luxury branded serviced living,” stated El Chaar.

“We will now bring forward the release of Phase Two of the project to allow those who missed out the opportunity to share in this exciting development,” he added.

Damac said they will release the second phase of apartments during a road show in India and Saudi Arabia. It will host events in Mumbai and Delhi on April 5 followed by Jeddah and Riyadh the next day. There will be further events in Dammam and Mecca on April 7.

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