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

Property

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

DUBAI, United Arab Emirates, Nov. 2, 2016 /PRNewswire/ -- 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. 

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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.

Further information is available at http://www.damacproperties.com 

Notes to editor: 

DAMAC Properties has been at the forefront of the Middle East's luxury real estate market since 2002 - bringing luxury living experiences to residents from all over the world. Making its mark at the highest end of stylish living, DAMAC Properties has cemented its place as the leading luxury developer in the region, offering iconic design and the upmost quality. The company's footprint now extends across the Middle East with projects in the UAE, Qatar, Saudi Arabia, Jordan and Lebanon.

As of 30th June 2016, DAMAC Properties has delivered approximately 16,000 homes. The company has a development portfolio of over 44,000 units at various stages of progress and planning, comprising more than 13,000 hotel rooms, serviced apartments and hotel villas, which will be managed by its hospitality arm, DAMAC Hotels & Resorts. With vision and momentum, DAMAC Properties is building the next generation of Middle East luxury living.

Further information is available at http://www.damacproperties.com or join DAMAC Properties on Facebook, Twitter (@DAMACofficial) and YouTube.

About China Construction: 

CSCEC Middle East L.L.C. (CSCME) is instituted as a major overseas operational enterprise of China State Construction Engineering Corporation Ltd. (CSCHQ). CSCME is an established contractor that provides multi-disciplinary (i.e. Building, Infrastructure, MEP and Steel Structure Work in addition to Project Financing and Investment) Engineering and Construction services in the UAE with headquarters in Dubai.

CSCHQ was founded in 1957 and established in Beijing, China. In the year 2009, CSCHQ was officially listed in Shanghai Stock Exchange as having the largest IPO in the world. It was recognized as the No. 27 of the top 500 Global Enterprise by "Fortune" magazine in the year 2016.