Damac towers with Paramount, Fendi ties top out in Riyadh

The Dubai-listed property developer says two branded properties in Saudi capital have reached their final height

PHOTO: The Damac Tower by Paramount (left) and Damac Esclusiva towers. Credit: Damac

Damac has topped out two branded towers in Riyadh less than 24 months after work began, the Dubai-listed property developer said on Monday.

The Damac Esclusiva building, currently under construction in the Saudi capital, has reached its final height of 32 storeys, the Dubai developer said. The building, consisting of 100 serviced apartments, is set to feature interiors designed by the Italian fashion house Fendi.

The Damac Tower by Paramount on King Fahd Road has also reached its final height of 35 floors. That project, also consisting of branded serviced apartments, has the “feeling and ambience inspired by the Paramount Pictures movies over the past century”, according to Damac.

“We are witnessing a high demand on these exclusive serviced apartments,” said Ziad El Chaar, managing director of Damac Properties.

“From a value perspective, investors realise that branded properties are offering higher returns compared to the value of similar properties in terms of size and location. The value of branded properties can reach between 25 to 30% higher based on some expert reports such as Knight Frank’s report on the branded developments.”

Other branded developments by Damac include associations with brands such as Versace and Trump. It is partnering with Paramount Hotels & Resorts in several projects in Dubai.



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