Damac Paramount Towers by Damac Properties

About the project

In 2013, Paramount Hotels and Resorts together with DAMAC Properties unveiled a new project located in downtown Dubai. DAMAC Paramount Towers consists of four Hollywood-style buildings about 270 meters high. Three of the towers contain residential units, namely studios and apartments with 1, 2 and 3 bedrooms, while the fourth one is occupied by a hotel. The buildings are connected to each other by a multi-level space, where there are various bars, cafes and restaurants, as well as other entertainment for the residents of the complex.

Resident benefits and amenities at DAMAC Paramount Towers include:

• free parking and valet services
• high-speed elevators
• an equipped gym
• a meeting and event space
• a swimming pool, whirlpool and hot tub
• a children’s room
• concierge services 24/7

A 46.2 sq. m (498 sq. ft) studio in the complex will cost USD 182,412 (AED 670,000). A two-bedroom apartment of 140.5 sq. m (1,513 sq. ft) will cost USD 441,056 (AED 1,620,000).

As for rentals, only apartments are available.. Annual rental fees vary depending on the number of bedrooms and facilities in the apartment, and currently ranges between USD 20,419-46,283 (AED 75,000-170,000).

Location

The complex is located in the Business Bay area and directly overlooks Al Abraj road, which connects to Ras Al Khor highway. This location makes it easy to get around the city and the neighboring areas. There are public buses and subways nearby. Within walking distance is the bus stop Business Bay, as well as the subway stations Financial Centre and Business Bay.

There are many cafes and restaurants near DAMAC Paramount Towers, including Fuchsia Urban Thai, Taipei Dao, Zen Restaurant and The Espresso Lab.

The closest supermarkets and grocery stores are West Zone Supermarket, Spinneys and Carrefour.

Around the complex are other residential buildings such as Vezul Tower, Churchill Residences and Art Tower XV.

Nearby are the famous tourist attractions such as the Dubai Opera Concert Hall, the popular shopping and entertainment center The Dubai Mall and the tallest tower in the world, Burj Khalifa.

Payback

Business Bay is considered the business center of Dubai. Its location in the city center and its well-developed infrastructure attracts investors wishing to buy property in the area.

The acquisition of apartments in DAMAC Paramount Towers for renting out is a profitable investment. To date, the payback rate is 5.12%.