FOLLOWING the completion of foundation works, the stunning Damac Towers by Paramount Hotels and Resorts is all set to rise above the horizon in Downtown Dubai and make a statement that Dubai indeed holds potential to attract investment from the global best.

Construction work is currently under way on the basement levels while work has been initiated on the interior design.

“This is a critically important phase for the development,” Niall McLoughlin, senior vice president of Dubai-based real estate developer Damac Properties tells Gulf Construction. “As you drive past the project in the coming weeks and months, you will start to see this impressive structure rise from the ground.”

The estimated $1-billion project was launched by Paramount Pictures in partnership with Damac Properties in March 2013, marking the former’s debut into the hotel and real estate industry.

The four towers, sitting on a 10-level podium, will have a connecting multi-level plaza with themed restaurants and bars, events facilities, a screening room, fitness centres, swimming pools, kids club and retail zone based on Paramount-branded products.

Strategically placed in the most sought-after location in Dubai, each tower will be 250 m high and feature 58 storeys. While one tower will house the Paramount Hotel and Residences, the other three will feature Damac Maison, Paramount co-branded luxury serviced residences. Each luxury serviced residence will provide high-end concierge services, in-room facilities, luxurious spa, kids club, fully-fitted kitchens and a unique rental pool scheme.

The development will boast more than 1,800 units comprising one-, two- and three-bedroom serviced hotel rooms and residences and is scheduled for completion in the last quarter of 2016.

Construction work on Damac Towers ... in progress.

Earlier this year Middle East Foundations Group completed the raft foundation work on the project, marking the first major construction phase. More than 19,000 cu m of concrete and over 2.2 tonnes of reinforced bar were used in the construction of the raft.

TAV, the main contractor has recently started work on the vertical walls of two levels of the basement, according to McLoughlin.

In addition, the developer is working on the concepts for the interiors of the landmark development. “We are doing a lot of work at the moment with HLA and WA international Dubai on the interior concepts,” says McLoughlin.

Damac Towers by Paramount was the first project announced as part of the collaboration with Paramount Hotels and Resorts. Since then, Damac Properties has introduced the Paramount Hotel Jumeirah Waterfront, in addition to the Damac Villas by Paramount being developed at the Akoya by Damac master development in Dubai and Damac Tower by Paramount luxury serviced apartments on King Fahd Road in Riyadh, Saudi Arabia.

“The projects with Paramount Hotels and Resorts have proved to be among the most popular in Dubai, as our clients see the intrinsic value of branded real estate, which is realising values nearly 60 per cent more than non-branded projects in the Burj Area,” adds McLoughlin.

Akoya

Another major project currently under development off Umm Suqeim Road in Dubai is Akoya by Damac. Launched in May last year, the 42-million-sq-ft development includes mansions, villas, luxurious apartments and a retail centre all surrounding an 18-hole championship golf course called The Trump International Golf Club, Dubai.

Akoya by Damac … exclusive.

Describing the current status of the project, McLoughlin says: “The main contractors Trojan General Contracting and Ghantoot Contracting are on board for the first stage of the villas. As for the golf course, three holes have already been grassed.”

Another landmark development within the Akoya by Damac golf course community is The Trump Estates, a luxurious lifestyle community located in one of the most sought-after locations of the development. Also set within the heart of the community is a global first, the newly-launched Fendi fashion-styled villas offering a new concept of refined living and featuring Fendi Casa designs and influences.

Also planned is a 14-million-sq-ft extension to the original 28-million-sq-ft at Akoya by Damac, with a dedicated 4.3 million sq ft of open parkland, which will be a first-of-its-kind development in the region. The exclusive villas are set within the grounds of a lush green open space – Akoya Park, one of the largest private parks in the region – reserved for the residents of the community.

Damac

Damac Properties was established in 2002 as a residential, leisure and commercial developer in Dubai and the Middle East. In the past decade, it has expanded into Iraq, Jordan, Lebanon, Qatar and Saudi Arabia.

Luxury villas on offer throughout Akoya.

In October 2011, Damac Properties launched its hospitality division, Damac Maison, which will provide bespoke hospitality services to residents in 7,351 serviced hotel apartments by the end of 2017.

Damac reinforced its position as the region’s premium developer with the launch of the 28-storey Damac Tower in Beirut, Lebanon, in association with Italian design group Versace, with all interiors being designed by Versace Home. This was followed by the Damac Residences with Interiors by Versace Home, in Jeddah, Saudi Arabia.

Extending its collaborations with luxury Italian fashion houses, the company is developing luxury serviced hotel apartments in Damac Esclusiva in Riyadh and private apartments in Damac Residenze in Dubai Marina, with interior designs by Fendi Casa.

Last month Damac launched another luxury serviced hotel apartments project in Dubai. Located in the heart of the World Expo 2020 site, Celestia is a ground-plus-seven-floor complex comprising studios, one- and two-bedroom apartments which will be managed by Damac’s Hospitality Division. Offering five-star hotel services and amenities, the project is strategically placed in the centre of DWC Residential City and close to the world’s largest airport, Al Maktoum International.

At the end of last year, Damac Properties had completed 9,318 units with 25,362 units at various stages of progress and planning across the Middle East region.