DAMAC launches branded residences tower in Riyadh

Dubai: Luxury private developer, Damac Properties, said on Monday it has launched a Paramount Hotels & Resorts-branded serviced residences tower in the heart of Riyadh in Saudi Arabia.

The move comes close on the heels of the company’s launch of two Paramount Hotels & Resorts-branded projects in Dubai, including a luxury hotel and residences project in the Burj Khalifa area and Paramount Hotel Jumeriah Waterfront just off Shaikh Zayed Road.

The Saudi project, meanwhile, is located strategically on Riyadh’s King Fahd Road, overlooking Kingdom Tower, Damac said in a statement, adding that the 215 units of luxury serviced residences are available in studios, one, two and three-bedroom residences, with a 932 square metre penthouse on the top floors.

“Damac Towers by Paramount Hotels & Resorts, Riyadh, will reflect the Hollywood glamour and California cool lifestyle and will include a spa, high-end restaurants and five-star hotel servicing,” the company stated.

Both projects are currently under construction and set to be completed in 2016. Damac further said that investors can also enter their unit into a rental pool, fully managed by Damac Maison, the luxury hospitality division of Damac Properties, and earn rental returns on their residence.

“We have seen a huge response from Saudis interested in the projects we are collaborating on in Dubai and we are delighted that we can bring the Paramount Hotels & Resorts brand to Saudi Arabia and offer the same high standard of luxury living,” Ziad El Chaar, Managing Director of Damac Properties, said in a statement.