Damac Towers by Paramount to open in 2016

29.10.2015
Residential and hospitality Damac Towers cluster to be handed over in Q4 2016.

Niall McLaughlin, senior vice president at Damac, one of the Dubai’s largest developers, revealed some details about the construction of Damac Towers by Paramount, a new residential and hospitality complex inspired by film industry.

The complex, consisting of four multi-storey buildings connected by a shared podium, will include a five-star Paramount Hotel Dubai and a serviced apartment complex managed by Damac. According to the schedule, all work at the facility should be completed by the end of 2016.

Three of these 250-meter towers will be occupied by serviced apartments residents and the fourth tower will be five star hotel. Now more details about this movie-themed project have been revealed. According to McLaughlin, this is not going to be a theme park, but rather something much more simple. Cinematographic elements will be expressed through the general atmosphere in the complex, where lighting, varying depending on time of day, and even smells will have a crucial effect.

“It’s more a feel and an ambience from the movies throughout the years. It’s a bit more classic: it’s a five-star classy Dubai experience – so that’s why it’s much more about scents and feelings,” McLaughlin said.

As for the residential apartments, it will be a traditional for central Dubai premium residential housing, very popular among investors in residential real estate.

“They’re going to open the doors in Q4 next year. It’s going up well, and now that summer’s over we’re at full work hours,” McLaughlin concluded.

Subscribe to our news

Latest Availability
Latest property news
Send us an enquiry or request a call back
Your name *
Phone
E-mail *
Your message *
*- indicates required
Request a call back
Lease process (Rent out)

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)

1 hour

Contract of the lessee and agency.

Up to 5 days

Real estate search.

Selection of optimal options.

Up to 2 days

Signing of the lease agreement

Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process

1 hour

Contract of the tenant and agency.

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

1 Week

Registration of the contract of purchase / sale

Customer charges:

  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration

Additional services:

Property management

Sales Process

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

None

the management process

1 hour

Contract of the owner and agency

1 year

Rendering of management services

1 day

Reporting

Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process

1 hour

Contract of the tenant and agency.

From 3 days

Selection of optimal investment options

1 Week

Registration of the contract of purchase / sale

Expenses of the investor:

  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration

Additional services:

Property management