DAMAC Towers by Paramount Lodges & Resorts in the Saudi Arabian capital will feature 215 luxury studio, one-, two- and three-bedroom apartments, as well as 932 sqm penthouse on the top floor.
Set for completion in 2016, it will be located on Riyadh’s King Fahd Road, looking over the city’s Kingdom Tower. DAMAC said that the task would “reflect Hollywood glamour and California cool lifestyle” in Saudi Arabia, where ironically cinema and many forms of enjoyment are banned. The Paramount stable of movies includes the likes of your Godfather, Indiana Jones and Fatal Attraction.
“We have seen a huge response from Saudi’s interested in the projects we are collaborating on in Dubai and we are delighted that we can bring the Paramount Hotels & Resorts brand to KSA and offer the same high standard of luxury living” commented DAMAC managing director Ziad El Chaar.
DAMAC, one in the property developers worst hit by Dubai’s financial crisis of 2008-2009 when a number of its projects delayed or cancelled, has introduced several new developments this 12 months on a back of a resurgence in the emirate’s housing market.
Earlier this 12 months it announced its Akoya by DAMAC development, which will include a gold course designed by flamboyant US business magnate Donald Trump.
The residences will each have views within the golf course, the first in Asia by Trump’s Trump International. Akoya by DAMAC is the company’s largest improvement to date, occupying 28m square feet off Umm Sequim Road.
The land has already been bought from Dubailand but no timeline for construction has been declared.
Adhering to the 2008-2009 financial crisis which saw Dubai property prices tumble by up to 60 percent, the emirate’s real estate market has seasoned something of a rebound this year.
Some reports suggest that real estate prices in prime areas in Dubai have increased by up to 30 percent in 2013 to date.
A report by Fitch earlier this month said that Dubai’s real estate rebound will continue well into subsequent calendar year.
The ratings agency said the emirate’s prime property sector is set up for a “strong 2014” following a vibrant 2013.
However, it included that there was still some uncertainty for the market including Middle East instability, Dubai’s bid for the World Expo 2020 and the impact of major new real estate projects that are in the pipeline.
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