China State Construction Engineering (Middle East) has secured an AED554M ($151M) contract from Damac Properties for the construction of the Paramount Residences at the Paramount Tower Hotel and Residences in Dubai.
The new 64-storey, 867-room property will feature hospitality units with separate living and dining areas, two- and three-bedroom apartments, and penthouses.
Amenities include a sky lobby, a screening room, a rooftop swimming pool with a terrace, and a fitness and wellness centre.
China State Construction will be responsible for the main work contract for 27 floors that will feature luxury residences.
Mohammed Tahaineh, SVP of commercial at Damac Properties, said: "Paramount Tower Hotel & Residences is one of our prestigious branded projects in Dubai that will be strategically located in the Burj area.
“It is one of the four landmark hospitality projects we are developing in collaboration with Paramount Hotels & Resorts, featuring Hollywood-themed hotel rooms, hotel apartments and residential units in Dubai and Riyadh.”
The project, designed by Lacasa Architects and Engineering Consultants, is expected to be complete in the first quarter of 2020.