Dubai real-estate developer Damac Properties has confirmed that sales of condos at its upcoming US $1 billion five-star hotel Paramount hotel achieved more than UED 1 billion in sales in less than two months, prompting the opening of Phase 3 of the development.
In an interview with Hoteliermiddleeast.com, managing director Ziad El Chaar said: “We are moving very quickly on construction. We will award the main contract by end of June/ July this year and expect to have the project finished by 2015, mid 2016 max.”
El Chaar confirmed that the Hollywood movie firm-branded property, comprising 1400 hotel apartments and 200 rooms of five-stars, is likely to employ more than 1000 people accounting for both construction and operation.
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His comments followed Damac’s official announcement yesterday that it has begun work on the 2.6 million sq m Akoya by Damac project, which features the first Trump International Gold Course in the region and will include a boutique hotel, along with a clubhouse, sport complex, schools, retail, leisure and entertainment units.
The 205 villas on this site also went on sale yesterday, and according to Damac, offer the opportunity to buy a Damac-designed villa or, for the first time in Duabi, to purchase a plot for self build.
“There are two restrictions to building from scratch on a purchased plot. The build needs to abide by certain design guidelines to fit with the entire community of modern villas and it has to be finished in line with our own strict deadlines for completion of the site,” El Chaar added.
Just 11 days ago, Damac also launched its first hotel apartments for sale in Doha on the site on its new marina with El Chaar confirming that the company is now planning a second Qatar project due to the overwhelming response.
The group is also planning expansion into Iraq and has already opened for "expressions of interest" on the first tower ever to be built in Baghdad’s Monsour district, receiving, according to Damac's MD, 1600 interests to buy apartments, mainly for the local community.
According to El Chaar, the last project to be developed in Iraq was around 1986.
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