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FINANCIAL NEWS
Dubai’s Damac to hire contractor to build USD1b Damac Tower
17 Jun 2013
(MENAFN) Developer Damac’s Managing Director, Ziad El Chaarhas, stated that the Dubai-based firm plans on hiring a contractor to build its USD1 billion Damac Towers by Paramount scheme by July, reported Arabian Business.
El Chaarhas also said that the company saw a very quick sales pace as it sold USD272 million worth in the first two phases of the project and opened the third phase early June.
The Managing Director added that Damac was keen on completing the tower as quickly as possible, targeting the end of 2015 as the completion date. He said that he hoped the company will not miss that date by more than 6 months as a maximum.
It is worth noting that the project is a series of four towers linked via a podium level. One of the towers will contain the first Paramount-branded hotel in the region, while the other three will contain serviced apartments, according to the Dubai-based Damac.
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