DUBAI-headquartered Damac Properties, the largest private luxury developer in the Middle East, has made a spectacular start to this year with the launch of construction on three of its biggest projects to date – all within the space of the first quarter.

The projects include the $1-billion Damac Towers by Paramount, which will boast the first Paramount-branded hotel in the Middle East, and Damac Residenze in Dubai and Damac Esclusiva in Saudi Arabia, both of which will bring the Italian Fendi flair to these luxury developments.

“The projects will soon start rising out of the ground, and over the next year will soar quickly,” says Ziad Al Chaar, managing director of Damac Properties, adding that the new developments will establish Damac Properties “at the forefront of luxury living in the region.”

Damac Residenze in Dubai Marina.

The four-tower Damac Towers by Paramount mega complex is under construction in the heart of the Downtown Dubai master development and is expected to be completed by the end of 2015. The four identical towers soar over 250 m into the sky.

Damac has signed an exclusive partnership agreement with Paramount Hotel and Resorts, the official licensee of the movie production studio Paramount Pictures, to develop Damac Towers by Paramount, which comprises the 540-key Paramount Hotel and Residences and more than 1,400 units of Damac Maison-Paramount co-branded serviced hotel residences. The development will provide spectacular views of the world tallest tower, the Burj Khalifa, and easy access to one of the world’s largest shopping malls, The Dubai Mall.

The four towers that make up the complex are brought together with a multi-level plaza, offering an eclectic selection of themed food and beverage concepts, meeting and events facilities, a screening room, wellness and fitness centres, swimming pools, kids club, retail areas, and merchandise, all featuring the Paramount brand or select partner brands.

The project will be developed using the creative process honed over Paramount’s 100-year history, offering warm service, design, entertainment, food and beverage and spa to set a rare standard in luxury hospitality.

The expansive lobby at Damac Esclusiva luxury apartments in Riyadh (below) ... wide open spaces and natural daylight.

Reassuring signatures of the Paramount brand, including access to the Paramount movies library, a Paramount screening room and creative usage of the transformational elements like digital signage, media mapping and lighting effects throughout the public areas will be complemented by accents of local colour.

The hotel and one-, two- and three-bedroom serviced residences in the ‘mixed tower’ will be managed by Paramount Hotels and Resorts, whereas the one-, two- and three-bedroom serviced hotel residences as well as the ultra-luxurious penthouses in the other three towers will be managed by Damac Maison, the hospitality division of Damac Properties. Serviced hotel residences will feature fully fitted kitchens and services.

Meanwhile, Damac Residenze and Damac Esclusiva will be the most luxurious towers to be developed in the Middle East, offering an opulent lifestyle proposition, in conjunction with the Italian fashion house Fendi.

These projects are not only furnished with distinctive pieces from the Fendi Casa collection, the whole of the interior design is conceived by Fendi.

The 335-m-high Damac Residenze, located in Dubai Marina overlooking both the marina and the Palm Jumeirah, will offer one-, two-, three-bedrooms and penthouses and will be completed in 2016.

“The top 40 floors of the 86-storey tower will all have full interior design and furniture by Fendi Casa, offering an opulent lifestyle in one of the most sought-after locations in the world – let alone the region,” Al Chaar says.

Damac Esclusiva is a 150-m-high tower overlooking the Kingdom Tower in Riyadh, providing refined luxurious interiors for more than 100 luxury serviced apartments.

“The project has already broken ground and 90 per cent of the footprint and podium has been completed. Waterproofing is also complete and we are reaching the stage where residents in Riyadh will start to see the tower coming up fast over the next 12 months. The project will be completed in 2016.”

Commenting on the property market, Damac Properties chairman Hussain Sajwani says: “The real estate market in both Riyadh and Dubai are again performing strongly, especially in the high-end, luxury sector. We believe there will be a very high level of anticipation for these apartments from nationals and overseas investors.”

Damac Properties was established in 2002, as a private residential, leisure and commercial developer in Dubai. Since then, it has expanded rapidly into North Africa, Jordan, Lebanon, Qatar and Saudi Arabia.

The company has completed 37 buildings to date with 7,817 units, spanning 13.94 million sq ft. It also has a further 65 buildings at various stages of progress across the Middle East and North Africa (Mena) region. These consist of 11,998 units spanning over 23 million sq ft.

Commenting on the company’s growth strategy, Al Chaar says: “With more than a decade in Dubai’s real estate industry, Damac Properties is firmly positioned as the leading luxury private developer in the Middle East. Over the next few years, you will see us take a leadership position in the luxury serviced apartments sector – offering a luxury living lifestyle to residents, including everything from spa treatments and private chefs to providing 24/7 bespoke concierge services and a kids club.

“The recently announced management services company Damac Maison will provide these services, which also offers a rental pool programme to allow residents to gain returns on their apartment when they are not living in it.”

He believes Dubai holds great promise for growth.

“In 2012 valuations of properties throughout Dubai increased quarter on quarter, with Hamptons saying recently that prices in the best locations in the emirate rose by up to 30 per cent across the year,” he says. “The luxury end of the market is driving the resurgence, especially in prime locations such as around the Burj Khalifa area and Dubai Marina. We expect this growth pattern to continue throughout 2013 and into the early part of 2014. Damac has experienced a similar pattern of growth over the past year – in fact, surpassing all growth reports – and is looking to lead the way in bringing new and exciting opportunities to the market this year. This has been reflected in the major global announcements we have made in Q1 2013.”

Al Chaar says Damac is currently focusing on luxury serviced hotel apartments and will have 4,000 luxury serviced hotel apartments either completed or under development by the end of this year. “This relatively underserviced sector of the market is a key driver of growth and offers a unique investment opportunity,” he says.

Commenting on the construction sector in Dubai, he says: “It is no secret that the Dubai property market is showing strong signs of recovery. As confidence in the market strengthens, more liquidity will flow and ensure that projects are developed, completed and handed over in good time. It is the consistent flow of investment which ensures a solid, stable growth pattern within the market. We are now in a cycle of sustained growth, which will continue.”

“It is important to ensure that liquidity continues to be injected into the real estate market and the banks support the growth. This, along with the completion of infrastructure in developing areas, will help prices to increase across all areas of Dubai,” he concludes.