Damac awards $150.8m Paramount residences contract to China Construction

Dubai property developer Damac has awarded a Dhs554m ($150.8m) contract to China State Construction Engineering Corporation to build residences within its Paramount Tower Hotel and Residences development.

China Construction has been awarded the main work contract for 27 floors of luxury residences in the wider 867-key luxury hotel and residence project.

Read: Damac Properties launches new Paramount-branded Dubai hotel tower

The tower was first announced last year and consists of 64-stories including a sky lobby, private Paramount Pictures screening room, rooftop infinity pool, gym and spa.

It is located in the Burj Khalifa area with a scheduled completion date of Q1 2020.

“This represents a significant contract for us in one of the most prestigious hospitality and residential projects in the Middle East. We were appointed this year for the infrastructure works at AKOYA Oxygen and this new contract only cements further our strong relationship with the real estate developer,” said Yu Tao, president and CEO of China State Construction Engineering Corporation (Middle East) LLC.

LACASA Architects and Engineering Consultants was previously selected as the architect for the project.

Damac has a development portfolio of more than 44,000 units at various stages of progress and planning and said in early September it had awarded 285 Contracts Worth Dhs5.25bn so far this year.

Read: Damac’s Ziad El Chaar on the company’s building boom

It is developing four other hospitality projects in collaboration with Paramount Hotels & Resorts.