Sales Exceed AED One Billion in DAMAC Towers by Paramount Development

Phase Three of Sales Launched Early as more than 400 Units Snapped Up in Under Two Months; Buyers from 32 Countries Invest in Luxury Serviced Apartments in the Burj Area of Dubai

DAMAC Properties has announced sales exceeding AED one billion in its DAMAC Towers byParamount development, which is under construction in the Burj Khalifa area of Dubai.

The Middle East’s largest luxury private developer confirmed it has already sold out all units inboth phase one and phase two of the luxury hotel and serviced residences, with an average ofeight apartments a day were sold since the project launch seven weeks ago.

The company is now bringing the third tranche of apartments to the market early, with road showsin the Kingdom of Saudi Arabia, Qatar and Singapore.

Developed by DAMAC Properties in collaboration with Paramount Hotel & Resorts (PHR-FZ-LLC),the project offers an ambience and reflection of the Hollywood glamour and California coollifestyle, synonymous with Paramount Pictures over the past 101 years.

“We have sold more than 40 percent of DAMAC Towers by Paramount in just seven weeks,” saidZiad El Chaar, Managing Director, DAMAC Properties. “It is testament to the desirability of Dubai’sreal estate market, especially in the luxury serviced residences sector. The demand for the highend,refined living in DAMAC Towers by Paramount is unprecedented”

Buyers from 32 countries have already snapped up units in the project, from as far afield asRussia, China, the United States and the United Kingdom.

The four towers which make up DAMAC Towers by Paramount stretch 250 metres high, with one,two and three bedroom serviced hotel residences, which will be managed by DAMAC Maison, thehospitality division of DAMAC Properties.

The Serviced Hotel residences will feature fully-fitted kitchens and services that also include valetparking, concierge, housekeeping, in-room beauty treatments and a 24-hour kids club. In additionowners can elect to add their residence in the ‘rental pool’ whilst they are away, allowing for rentalreturns to be generated.

The project also includes a Paramount Hotels & Resorts hotel as well as a multi level plaza,offering a selection of themed food & beverage concepts, meeting & events facilities, a screeningroom, wellness & fitness centres, swimming pools, kids club, retail, and merchandise.

“Branded residences, in prime locations, are driving the resurgence in the Dubai property market,with quality projects experiencing high demand from international buyers,” added El Chaar. “Pricesremain very competitive when compared against other international cities, and as liquidity returnsto the global markets, we are seeing a surge in investment.”

DAMAC Properties has recently announced a number of new projects in Dubai, reaffirming theconfidence in the market. The luxury developer announced earlier this month is beginningconstruction on the 28 million square foot ‘Akoya by DAMAC’ master plan development off UmmSequim Road in Dubai, which will include branded mansions, villas, townhouses and luxuriousapartment units.

The project will be built around an 18-hole Championship golf course, designed and managed inpartnership with Trump International. The company is also working with Italian fashion-houses,FENDI and Versace on the interiors for projects in Dubai, KSA and Lebanon.DAMAC Properties has completed 37 buildings to date with 7,817 units and spanning13,945,299.00 sq feet.

DAMAC Properties also has a further 66 buildings at various stages ofprogress across the Middle East and North Africa region. These consist of 12,100 units spanningover 51,000,000 sq feet.