DAMAC Properties has announced that its luxury hotel and serviced residences, DAMAC Towers by Paramount Hotels & Resorts, is topped out.
Façade work on the $1.3bn four-tower complex is 60% complete while the interior fit out is progressing by the day with a significant acceleration in construction in recent months, executives announced at the opening of the 2016 Arabian Travel Market (ATM) in Dubai.
DAMAC Towers by Paramount Hotels & Resorts is currently one of the single largest projects under construction in Dubai.
The towers, expected to be completed in 2017, will each stretch more than 250 metres into the air, with 10 podium levels and 58 additional storeys. The total number of floors in the development and combined height of the four towers will exceed those of the Burj Khalifa, the world’s tallest tower.
Speaking on the occasion, Ziad El Chaar, Managing Director, DAMAC Properties, said: “Today is a significant breakthrough for this project and we are pleased with how construction at DAMAC Towers by Paramount Hotels & Resorts is progressing.
“The 1,200 luxury serviced residences in three of the towers will offer luxurious living with a Hollywood flavour. The fourth tower, the Paramount Hotel, will house more than 800 rooms and suites. When the
residences are handed over, they will offer contemporary and stylish facilities with a host of amenities to enjoy, including a high-end shopping destination at owners’ doorsteps as well as the finest luxury service standards.”
Ghassan Aridi, chairman, Paramount Hotels & Resorts, was present at the topping out ceremony and said: “We are very excited to be here today to mark what is the most significant milestone in the project, apart from its completion, with the towers having reached their full height.
“This is a much-anticipated achievement for us, as it will be the world’s first-ever Paramount Hotel and Paramount Residences, and it will also represent the premiere of the Paramount Hotels & Resorts brand in the UAE.”
In addition to DAMAC Towers by Paramount Hotels & Resorts, the companies are also collaborating on the Paramount Hotel Dubai Jumeirah Waterfront, Paramount Tower Hotels & Residences Dubai, DAMAC Tower by Paramount Hotels & Resorts Riyadh, Saudi Arabia, and DAMAC Villas by Paramount Hotels & Resorts in the AKOYA by DAMAC master development off of Umm Suqeim Road in Dubai.