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Damac Properties has awarded a Dhs1bn contract to TAV Tepe Akfen Investment construction and operations – Dubai Branch. This is the main construction contract on its newly launched project ‘Damac Towers by Paramount’, a luxury hotel and serviced residences in the Burj Area of Dubai.
Enabling work has been completed on site & it is ready for the main contractor to start the construction work. The duration of the contract with TAV is 33 months & the value of this contract is Dhs1,059,000,000,00 which is the largest single contract Damac Properties has awarded.
The four towers which make up ‘Damac Towers by Paramount’ are brought together with a multi level plaza, offering an eclectic selection of themed food & beverage concepts, meeting & events facilities, a screening room, wellness & fitness centres, swimming pools, kids club, retail, and merchandise all featuring the Paramount brand or select partner brands. Each tower stretches over 250 metres into the air.
One tower will comprise of the Paramount Hotel with the remaining three towers, housing the Damac Maison – Paramount co-branded serviced Hotel Residences. Developed by Damac Properties, the region’s leading luxury private developer, in collaboration with Paramount Hotel & Resorts (PHR-FZ-LLC), the project offers an ambience and reflection of the Hollywood glamour and California cool lifestyle, synonymous with Paramount Pictures over the past 101 years.