Damac to showcase $1bn luxury project in Saudi
Riyadh, April 3, 2013
Damac, a leading luxury project developer in the Middle East, is set to unveil the second phase of its $1 billion luxury hotel and serviced residences project on April 6 before Saudi investors following a sell-out event in Dubai.
‘Damac Towers by Paramount’, is being developed on platinum real estate in Dubai overlooking the BurjKhalifa 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, said a company statement..
Developed by Damac Properties in collaboration 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 April 6 and there will be further events in Dammam and Makkah on April 7, 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, the 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 good percentage of our loyal client base and they recognise the intrinsic value of this unique project,” he added.
A recent report by Knight Frank also 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. The report added that: ‘it seems likely that as global wealth creation expands, the demand for high-quality, branded residential developments in key global centres will undoubtedly rise.’
“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,” remarked El Chaar.
The one, two and three bedroom serviced hotel residences will be managed by Damac Maison, the hospitality division of the Dubai group.
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.-TradeArabia News Service