{"id":32693,"date":"2016-11-02T21:09:27","date_gmt":"2016-11-02T14:09:27","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=32693"},"modified":"2016-11-02T18:25:38","modified_gmt":"2016-11-02T11:25:38","slug":"china-state-to-build-part-of-damac-hotel-project","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/china-state-to-build-part-of-damac-hotel-project\/","title":{"rendered":"China State to build part of Damac hotel project"},"content":{"rendered":"


\nDamac Properties has awarded the China State Construction Engineering Corporation a Dh554 million contract to build part of its second Paramount Hotel project in Dubai.China State, the world’s third-largest construction company, said it had been awarded the main work contract to build 27 floors of serviced flats of the Paramount Residences, at the Paramount Tower Hotel and Residences, on Sheikh Zayed Road in Business Bay.The Lacasa-designed tower, which is scheduled for completion at the beginning of 2020, will eventually have 64 floors and will also include an 867-room hotel with a sky lobby, private cinema and rooftop pool.The development is Damac’s second Paramount-branded hotel, which it is building in \u00adDubai.Turkey’s TAV construction is currently working on Damac’s US$1 billion four-tower Damac Towers by Paramount resort, also located in Business Bay. The project, comprising a 540-room Paramount-branded hotel and 1,400 serviced apartments, was originally scheduled to be completed this year, but the developer said that it now expects construction work to be completed at the start of next year.Damac has also announced plans to build Paramount \u00adhotels in Abu Dhabi, Riyadh and two more in Dubai at Akoya and Jumeirah Waterfront.Under the terms of a 2013 deal between Damac and Paramount, Paramount does not invest into the projects but lends its brand to them.Damac, which is known for offering buyers luxury cars and boats as inducements to purchase Dubai property, has set itself the target of becoming the world’s largest serviced apartment operator.In August, it reported that second-quarter profits were more than a third lower than during the same period a year ago and that revenue was down 25 per cent. However, the company’s founder, Hussain Sajwani, said its total profit this year was likely to be in line with the Dh4.5 billion it achieved last year.Separately, Damac yesterday launched Akoya Relax with an offer to buyers of its villas of free service, maintenance and property management for five years. The villas start at Dh1.6 million, Damac said.lbarnard@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…China State to build part of Damac hotel project<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Damac Properties has awarded the China State Construction Engineering Corporation a Dh554 million contract to...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-32693","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-8vj","jetpack-related-posts":[{"id":32717,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cscec-to-build-part-of-damac-hotel-project\/","url_meta":{"origin":32693,"position":0},"title":"CSCEC to build part of Damac hotel project","date":"November 2, 2016","format":false,"excerpt":"\r Damac Properties has awarded the China State Construction Engineering Corporation (CSCEC) a Dh554 million contract to build part of its second Paramount Hotel project in Dubai.CSCEC, the world's third-largest construction company, said it had been awarded the main work contract to build 27 floors of serviced flats of the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":37984,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-awards-contracts-worth-dh1-26bn-in-last-four-months\/","url_meta":{"origin":32693,"position":1},"title":"Damac awards contracts worth Dh1.26bn in last four months","date":"December 14, 2016","format":false,"excerpt":"\r Lucy BarnardDubai developer Damac awarded 15 construction and consultancy contracts worth Dh1.26 billion in the four months between August and November, the company said on Tuesday.Damac said this included main works contracts for villas and apartments at several clusters at its 42-million-square foot Akoya golf course development.It also included\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5302,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-to-build-luxury-flats-with-car-lifts-next-to-dubai-canal\/","url_meta":{"origin":32693,"position":2},"title":"Damac to build luxury flats with car lifts next to Dubai Canal","date":"February 21, 2016","format":false,"excerpt":"\r \r The property developer Damac is building new luxury flats next to the Dubai Canal, each with their own car lifts. The six-tower, 4 million square foot project, Aykon City, will be built on Sheikh Zayed Road. In the 2012 US presidential election, Mitt Romney's wealth raised eyebrows when\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":52640,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-to-build-2000-room-hotel-overlooking-akoya-oxygen-golf-course\/","url_meta":{"origin":32693,"position":3},"title":"Damac to build 2,000-room hotel overlooking Akoya Oxygen golf course","date":"April 23, 2017","format":false,"excerpt":"\r Damac Properties has announced plans to build a five-tower hotel comprising 2,000 hotel rooms overlooking its planned Trump branded golf course at Akoya Oxygen.The Dubai-listed developer known for its high-profile tie- up with the US president Donald Trump's golf course operation, is marketing the hotel rooms to investors as\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22378,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/damac-to-sell-off-plots-of-land-at-akoya-oxygen-project-in-dubai\/","url_meta":{"origin":32693,"position":4},"title":"Damac to sell off plots of land at Akoya Oxygen project in Dubai","date":"August 9, 2016","format":false,"excerpt":"\r Damac Properties is to start selling off plots of land at its Akoya Oxygen community in Dubai.The plots will have a starting price of Dh600,000 and Damac said that it will give investors up to 10 years to build on them. Last month, the company announced the launch of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23699,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-damac-awards-dh967m-contract-to-build-aykon-london-one-tower\/","url_meta":{"origin":32693,"position":5},"title":"Dubai's Damac awards Dh967m contract to build Aykon London One tower","date":"August 23, 2016","format":false,"excerpt":"\r The Dubai-based developer Damac has appointed Australian property construction and development company Lendlease to build its Aykon London One tower.Damac has awarded a \u00a3200 million (Dh967m) contract for the tower, which has a total development value of Dh3.1 billion. The building has been designed by architect Kohn Pedersen Fox\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/32693"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=32693"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/32693\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=32693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=32693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=32693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}