Construction started on $1bln Paramount project in Dubai

Damac Properties said on Sunday that it had completed the first major construction phase of its $1bn Damac Towers by Paramount project in Dubai. Work is now underway on the four main 70-storey towers, which will eventually rise 250 metres into the air.

The project includes more than 1,800 units comprising one, two and three bedroom serviced hotel rooms and residences.

Th Damac Towers by Paramount also encompasses Paramount Hotels & Resorts hotel in which investors can purchase a stake by owning their own hotel room and earning revenue on the unit. Damac Towers by Paramount was the first project announced as part of the collaboration with Paramount Hotels & 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 and Damac Tower by Paramount luxury serviced apartments on King Fahd Road in Riyadh, Saudi Arabia.

Damac Towers by Paramount, Dubai