Wednesday, April 3, 2013
UAE DEVELOPERS BETS BIG ON INDIANS
Dubai-based private developer DAMAC
Properties has said it is launching phase two of a USD 1 billion project
of luxury hotel and serviced residences to Indian investors, following a
sell-out event in Dubai. 'DAMAC Towers by Paramount', is being
developed on platinum real estate in Dubai overlooking the world's
tallest tower Burj Khalifa. It comprises a 540 key Paramount Hotel
& Residences and more than 1,000 units of DAMAC Maison – Paramount
(Hollywood movie production company) co-branded serviced hotel
residences. Developed by DAMAC Properties in partnership with Paramount
Hotel & Resorts (PHR-FZ-LLC), the project will be presented during a
road show in Delhi and Mumbai on April 5-6. "The response we have seen
from Indian investors is unprecedented. Indians have a deep-seated love
of movies and our partnership with one of the most established movie
houses in Hollywood has proved a big draw. "Indian investors make up a
huge percentage of our loyal client base and they recognise the
intrinsic value of this unique project," Ziad El Chaar, Managing
Director, DAMAC Properties, said. The one, two and three bedroom
serviced hotel residences will be managed by DAMAC Maison, the
hospitality division of DAMAC Properties. Serviced Hotel residences will
feature fully-fitted kitchens and services that also include valet
parking, concierge, housekeeping, in-room beauty treatments and 24-hour
kids club. In addition, owners can elect to add their residence in the
'rental pool' while they are away, allowing for rental returns to be
generated. DAMAC Properties has completed 37 buildings to date with
7,817 units and spanning 13,945,299 sq feet.
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