Paramount Tower Hotel And Residences

Key facts

Handover (past)

Q3 2019

Status

Ready

Construction progress

100%

Property types

Apartments

Availability

Available

How Paramount Tower Hotel And Residences compares

Entry here is AED 1.4M, against a median of AED 2.7M across the 42 priced projects in Business Bay, which puts it above 4 of them and below 37. The plan opens at 100% down, against a Dubai median of 20%, so it asks 80% more up front than the typical plan. Handover lands in Q3 2019, alongside 5 other projects completing in the same quarter. DAMAC has 42 projects in our catalogue, 10 of them in Business Bay.

Measured across our own catalogue of Dubai off-plan projects, refreshed with the source listings. Entry price is the lowest advertised unit price in a project, not an average transaction value.

Payment plan

Available units

Amenities

• State Of Art Wellness Facilities
• Axis Of Action
• Mixologist Bar
• Sky Hotel Lobby
• 235m High Infinity Pool
• World-Class Chefs And Inspired Menus
• Meeting Rooms

Location

Paramount Tower Hotel And Residences sits in Business Bay.

Master plan

The developer’s own site plan for Paramount Tower Hotel And Residences, showing how the buildings, roads and open space sit together.

What you pay, and when

The published payment plan is 100% on booking. At the AED 1,359,750 entry price, that is AED 1,360,000 to reserve a unit.

The Dubai Land Department registration fee is 4% of the purchase price, payable on top: about AED 54,000 at this entry price. That 100% booking payment is not paid to DAMAC directly: Dubai's Law 8 of 2007 requires a registered project to hold it in a RERA-supervised escrow account, drawn down against certified construction progress.

What the entry price works out at

The cheapest unit with a published size is 520 square feet at AED 1,359,750, which works out at AED 2,616 per square foot. Stated sizes run from 520 to 1,049 square feet.

Handover and construction

The handover on record for Paramount Tower Hotel And Residences is Q3 2019. Construction was last recorded at 100% complete.

Ownership and residency

The entry price sits below the AED 2,000,000 property threshold the 10 year UAE golden visa asks for, though 1 bedroom units here start at AED 2,613,450 and clear it on their own.

What it costs to hold

Service charges in Business Bay run roughly 14 to 22 AED per square foot per year, on the Dubai Land Department service charge index. Towers inside one community can differ by a factor of two, so treat that as a range to check against the specific building rather than a quotation. On the 520 square foot entry unit that is about AED 7,000 to AED 11,000 a year.

Who it suits

The development is Apartments in studio to 1 bedroom layouts.

What is on site

Among the shared facilities recorded for Paramount Tower Hotel And Residences are state of art wellness facilities, axis of action, mixologist bar, sky hotel lobby, 235m high infinity pool, world-class chefs and inspired menus and meeting rooms. The development is 9 units in total. 6 floor plans are published for it.

Frequently asked