Damac awards $272m Paramount project contract
Four towers to contain Paramount Hotel and serviced hotel residences
Damac Properties said on Saturday it has awarded a AED1bn ($272m) contract for the construction of its Damac Towers by Paramount project in Dubai.
The Dubai unit of TAV Tepe Akfen Investment has won the main construction deal for the luxury hotel and serviced residences in the Burj area of Dubai.
Enabling work has been completed on site and it is ready for the main contractor to start the construction work, Damac said in a statement.
The duration of the contract with TAV is 33 months and Damac said it is the largest single contract it has ever awarded.
The four towers which make up Damac Towers by Paramount are brought together with a multi level plaza, offering Paramount themed food & beverage concepts, meeting and events facilities, a screening room, wellness and fitness centres, swimming pools, kids club, and retail.
One tower will comprise the Paramount Hotel with the remaining three towers housing the Damac Maison - Paramount co-branded serviced Hotel Residences.
Damac said the project "offers an ambience and reflection of the Hollywood glamour and California cool lifestyle, synonymous with Paramount Pictures over the past 101 years".
Yusuf Akcayoglu, Middle East director, TAV Construction, said: "We are absolutely delighted to be selected by Damac Properties to build this project in Dubai."
In October 2011, Damac Properties launched its hospitality division, Damac Maison, which will provide bespoke services to residents in their serviced hotel apartments, across their portfolio.