Damac sells out phase one of $1bn Paramount scheme
MD says event was 'biggest launch in Dubai in the past five years'
Developer Damac has said that it has sold out the first phase of its $1bn Damac Towers by Paramount at an invite-only launch event in Dubai.
The $1bn development contains four towers linked at a plaza level. One of the towers will contain a 540-room hotel - the first hotel property to be operated by Damac.
The other three will contain up to 1,400 serviced apartments. Meanwhile, the multi-level plaza will house themed food & beverage outlets, wellness and fitness centres, meeting and events facilities, a kids' club and a number of retail units.
Damac did not say how many apartments were sold during the first phase, but it said that more than 1,000 potential investors attended the launch at the IMAX cinema at Dubai's Meydan development. Future launch events for the project are set to be held in Mumbai and Delhi on 5 April, in Jeddah and Riyadh on 6 April and in Dammam and Mecca on 7 April.
Ziad El Chaar, managing director of Damac Properties, said: “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.”
“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 argued.
The firm said that it has already gained approval from RERA, TECOM, and DTCM to sell apartments and he plot of land has been fully paid for. All funds received from the initial unit sales have gone into an escrow account specifically tied to the project, it added.