UAE developer to launch $1-bn property project

DUBAI: Dubai-based private developer DAMAC Properties has said it is launching phase two of a USD 1 billion project of luxury hotel and serviced residences to Indian investors, following a sell-out event in Dubai.

'DAMAC Towers by Paramount', is being developed on platinum real estate in Dubai overlooking the world's tallest tower Burj Khalifa.

It comprises a 540 key Paramount Hotel & Residences and more than 1,000 units of DAMAC Maison - Paramount (Hollywood movie production company) co-branded serviced hotel residences.

Developed by DAMAC Properties in partnership with Paramount Hotel & Resorts (PHR-FZ-LLC), the project will be presented during a road show in Delhi and Mumbai on April 5-6.

"The response we have seen from Indian investors is unprecedented. Indians have a deep-seated love of movies and our partnership with one of the most established movie houses in Hollywood has proved a big draw.

"Indian investors make up a huge percentage of our loyal client base and they recognise the intrinsic value of this unique project," Ziad El Chaar, Managing Director, DAMAC Properties, said.

The one, two and three bedroom serviced hotel residences will be managed by DAMAC Maison, the hospitality division of DAMAC Properties. 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' while they are away, allowing for rental returns to be generated. DAMAC Properties has completed 37 buildings to date with 7,817 units and spanning 13,945,299 sq feet.