Dubai-based developer Damac says two tower projects in the heart of the Saudi capital of Riyadh have topped out – less than two years into construction.
The company said its Damac Esclusiva and Damac Tower by Paramount projects – both on King Fahd Road – have now reached their architectural heights.
The Esclusiva building is a residential development that stands 32 storeys tall and 150m in height. When completed, the building will have 100 private services apartments with interiors designed by FENDI Casa.
Damac Tower by Paramount is 35 storeys tall [no finished height was mentioned] and will have 215 hotel rooms when completed. Both buildings were designed by Bregman and Hamann Architects, and construction on each started in 2013. Handover is expected in 2016.
Ziad El Chaar, Managing Director of Damac Properties, said; “We are witnessing a high demand on these exclusive serviced apartments that are extremely well designed to the highest standards of luxury and very well located in the heart of Riyadh. Saudi businessmen and those visiting the capital regularly for business or leisure will enjoy a perfect solution in Damac Esclusiva and Damac Tower by Paramount.”
El Chaar added that the “distinguished Saudi clientele appreciates this standard of property which serves to offer home comforts and privacy in a beautifully appointed home. From a value perspective, investors realise that branded properties are offering higher returns compared to the value of similar properties in terms of size and location. The value of branded properties can reach between 25 to 30% higher based on some expert reports such as Knight Frank’s report on the branded developments.”
The Damac Tower by Paramount hotel is one of five projects Damac and the international movie company Paramount’s subsidiary Paramount Hotels and Resorts, are working on. That includes Damac Towers by Paramount Hotels & Resorts, a project consisting of four towers, each 64-storeys high within the Burj Area of Dubai.
The two companies are also collaborating on two further hotels; the Paramount hotel on the Jumeirah waterfront and an 800 key project in the Burj Area. There will also be the first-ever serviced villas within the AKOYA by Damac master development in Dubai, Damac Villas by Paramount Hotels and Resorts.