Damac says Paramount hotel project sold out on day one: Real estate developer said that more than 1,000 investors attended the project's launch
Due to open at the end of 2015, Damac Towers by Paramount will be based close to the world’s tallest building, Burj Khalifa, and will reportedly feature two aspects – a 540-unit Paramount Hotel & Residences, and 1,400-unit Damac Maison-Paramount co-branded service hotel residences.
Dubai's property market saw something of a resurgence in 2012, with consultant Knight Frank reporting that top-end real estate prices in the glitzy Gulf emirate rose 20 percent, one of the highest rates in the world.
Emaar, Dubai's largest listed property developer, recently said that its own Address The BLVD hotel residences project in the Downtown area also sold out within 24 hours of units going on sale.
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