DAMAC Properties Awards China State Construction Engineering Corporation AED 554 Million Contract for Paramount Tower Hotel and Residences

November 2, 2016

DAMAC Properties today announced that it has awarded China State Construction Engineering Corporation (Middle East) LLC (‘China Construction’) a AED 554 million contract to build the Paramount Residences at the Paramount Tower Hotel and Residences in Dubai.

The global construction giant has been awarded the main work contract for 27 floors that comprise a collection of luxury residences. Paramount Tower Hotel & Residences is an 867-key luxury hotel and hotel residences tower on Sheikh Zayed Road. The 64-storey project will offer a sky lobby with views across the Burj area, a private Paramount Pictures screening room, a rooftop infinity swimming pool with a terrace and a fitness and wellness centre with a state-of-the-art spa. The project is scheduled for completion in Q1 2020.

Speaking at the signing ceremony, Mohammed Tahaineh, SVP – Commercial at DAMAC Properties commented: “Paramount Tower Hotel & Residences is one of our prestigious branded projects in Dubai that will be strategically located in the Burj area. It is one of the four landmark hospitality projects we are developing in collaboration with Paramount Hotels & Resorts, featuring Hollywood-themed hotel rooms, hotel apartments and residential units in Dubai and Riyadh. It gives us great pleasure to appoint China Contracting for the provision of contracting services and the delivery of this much-awaited property.”

Yu Tao, President & CEO of China State Construction Engineering Corporation (Middle East) LLC added: “We are delighted to have been chosen by DAMAC Properties to be the main contractor for the residences at Paramount Tower Hotel & Residences. This represents a significant contract for us in one of the most prestigious hospitality and residential projects in the Middle East. We were appointed this year for the infrastructure works at AKOYA Oxygen and this new contract only cements further our strong relationship with the real estate developer.”

The residences at Paramount Tower Hotel & Residences feature hospitality units with separate living and dining areas, as well as two and three-bedroom arrangements in addition to exclusive penthouses. Combining the comforts of home with the Paramount Hotels & Resorts amenities, units are suitable for use by investors seeking a permanent or vacation home and also present a unique investment opportunity when away, reaping high returns and benefiting from hassle-free management and service by the operator.

The architect on Paramount Tower Hotel & Residences is LACASA Architects and Engineering Consultants.