EXECUTIVE SUMMARY
DISTRESS DEAL: 3-BR IN DAMAC PARAMOUNT - TOWER D
The property is offered as a distress deal, presented as an opportunity to acquire a three-bedroom unit in Damac Paramount - Tower D.
Current asking price: AED 2,550,000
The property originally priced at AED 3,692,000 is now available at a 31% discount.
Offering a size of 1,747 sq.ft, the price per square foot is calculated as:
Price per sq. ft.: AED 1459
This distress asset presents a potential for capital appreciation and yield enhancement.
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PROJECT DESCRIPTION
Overview
Damac Towers by Paramount is a completed mixed use real estate development located in Business Bay, Dubai, United Arab Emirates. The project comprises a group of four high rise towers arranged on a shared podium and forms part of the wider Business Bay master development. The complex is known for its association with the Paramount entertainment brand and integrates residential, hotel and hospitality functions within a single architectural compound. Each tower rises to 66 storeys above ground level with two basement levels allocated for parking and building services. The development was constructed between 2008 and 2018 and forms a prominent cluster within the eastern sector of Business Bay.
The project contains a combination of serviced apartments, hotel apartments and a dedicated hotel tower. Three of the towers operate residential and serviced accommodation managed under Damac Maison hospitality services while the fourth tower houses the Paramount Hotel Dubai together with hotel apartments. The development contains a mix of studio, one bedroom, two bedroom and larger residential units designed to accommodate short term and long term occupancy within a hospitality oriented residential model.
Location
Damac Towers by Paramount is situated in the Business Bay district approximately two kilometres south of Downtown Dubai. Business Bay is a major mixed use urban area developed around the Dubai Water Canal and positioned between Sheikh Zayed Road and Al Khail Road. The development benefits from its proximity to Downtown Dubai which contains the Burj Khalifa, Dubai Mall and a range of corporate, entertainment and tourism destinations. This positioning places the towers within one of the principal commercial corridors of the city.
The surrounding neighbourhood is characterised by a high density combination of residential towers, office buildings and hospitality assets. Nearby communities include Downtown Dubai, Sobha Hartland, District One within Mohammed Bin Rashid City and the broader Business Bay cluster of residential developments. The urban fabric consists of tower clusters connected through arterial road infrastructure and canal side promenades, allowing direct connections to retail, leisure and employment districts across central Dubai.
Architecture and Development
The project was developed by Damac Properties through its subsidiary Damac Star Properties. Architectural design services were provided by KEO International Consultants while the main contractor was TAV Construction with foundation works undertaken by Conin Incorporated Consultants. The overall project valuation recorded by the Dubai Land Department is approximately AED 1.2625 billion. The towers share a podium level which accommodates parking, services and shared facilities for the complex.
The design incorporates elements influenced by film production aesthetics reflecting the Paramount brand association. Interior spaces include themed decorative elements, screening lounges and entertainment inspired communal areas. The podium hosts shared leisure facilities including swimming pools, restaurants and wellness spaces. The combination of residential units and hotel operations positions the complex within the category of branded residences which has become a recognised segment of Dubai residential development.
Transport and Connectivity
The development benefits from multiple road access points through the Business Bay road network connecting to Al Asayel Street, Marasi Drive and Ras Al Khor Road. From the project location travel by car to Dubai Mall typically takes approximately eleven minutes while the Palm Jumeirah is approximately twenty four minutes away. Burj Al Arab is approximately twenty three minutes away while The Walk at Jumeirah Beach Residence is approximately twenty eight minutes by road under typical traffic conditions.
Dubai International Airport is located approximately seventeen minutes by car from the site. Al Maktoum International Airport located in Dubai South can be reached in approximately forty five minutes depending on traffic conditions. Public transportation options include Dubai Metro stations located within Downtown Dubai and Business Bay which provide access to the wider city metro network.
Retail, Hospitality and Amenities
The podium and ground floor areas of the complex include a range of hospitality venues and service outlets. Restaurants include Pacific Groove Restaurant and Lounge, Craft Table and Juyi Dubai while leisure themed venues such as Flashback Speakeasy Bar and Malibu Deck operate within the hotel section of the project. Other retail units within the complex include convenience stores, cafes and personal care outlets serving both residents and hotel guests.
Within walking distance are several additional retail and dining venues located in neighbouring towers. Restaurants and cafes in nearby hotels such as SLS Dubai, Radisson Blu Canal View and The Lana contribute to a dense hospitality environment surrounding the complex. Supermarkets, pharmacies, salons and service businesses operate across the surrounding blocks enabling daily retail activity without requiring significant travel.
Education and Community Infrastructure
Several educational institutions are located within short driving distance of the development including Hartland International School and North London Collegiate School Dubai within Sobha Hartland. Additional schools within the wider district include GEMS Our Own Indian School and other private education providers located in Al Quoz and neighbouring communities. Residential areas around Business Bay typically rely on educational infrastructure distributed across central Dubai rather than within the immediate tower district.
Parks and recreational areas in the vicinity include canal side promenades and landscaped public parks such as Bayside Park within Business Bay. Attractions within nearby Downtown Dubai include Dubai Ice Rink, KidZania and large scale retail and entertainment venues within Dubai Mall. Golf facilities such as The Track Meydan Golf and Dubai Hills Golf Club are located within a short driving distance of the development.
Investment Context
Units within Damac Towers by Paramount are positioned within the branded residences segment of the Dubai property market due to the collaboration between Damac Properties and the Paramount brand. Branded developments are designed to combine residential ownership with hospitality management structures that may include serviced accommodation and short stay leasing operations managed by the operator.
In the current secondary market certain units within the towers can be categorised as a distressed asset where listings are offered at below market pricing compared with comparable branded or serviced apartment developments within central Dubai. Such conditions may arise due to owner liquidity needs, market timing or portfolio liquidation events. These below market transactions are sometimes identified by investors seeking entry into central Business Bay property at reduced acquisition cost relative to prevailing averages.
The development therefore occupies a position within one of the most established mixed use districts of Dubai while also reflecting the hospitality oriented branded residence model that has become common in the city real estate market. Its proximity to Downtown Dubai, transport infrastructure, hotel services and entertainment districts continues to shape the role of the project within Business Bay residential and investment activity.