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Dubai real-estate developer Damac Properties stated an upcoming US$1bn, five star hotel which will be branded by Hollywood movie company Paramount sold out its first phase within hrs of units heading on purchase.

Due to open at the conclusion of 2015, Damac Towers by Paramount will be based near the world's highest building, Burj Khalifa, and will reportedly feature two factors -- a 540-unit Paramount Hotel and Homes, and 1,400-unit Damac Maison-Paramount co-branded service hotel residences.

Paramount Images, section of media conglomerate Viacom, is a 101-year-old film and tv production and distribution studio accountable for movies including Titanic, Breakfast at Tiffany's, The Godfather, Raiders of the Lost Ark, Forrest Gump and Braveheart.

The company said that more than 1,000 investors attended the project's start, with clients originating from countries such as great BRITAIN, the Empire of Saudi Arabia, Lebanon, India, Nigeria and Russia.

"We were blown away with the positive response from clients looking to make their home in one of the most anticipated projects in Dubai," said Ziad El Chaar, managing director, Damac Properties.

"This is without doubt the biggest launch event in Dubai in the past five years, highlighting the strength in the market, especially in luxury branded serviced living," he added.

The project will feature four towers, brought together by a multi-level plaza offering a selection of themed food and drink, conference and activities amenities, a testing room, wellness and fitness centre, swimming pool, kiddies club, retail, and products featuring the Paramount brand or chosen associate brands.

Meters will be reached 250 by each tower high, among which will be Paramount Hotel and Residences, while the remaining three may house the Damac Maison - hotel residences were serviced by Paramount.

Damac told Arabian Business in March that the developer was planning for a second Paramount-branded project in the Middle East, but would not reveal precisely where.

The Paramount undertaking is amongst the first to be launched by Damac in nearly four years, after the business was hit by Dubai's property crash in

2008-2009. Dubai's property industry saw something of a revival in 2012, with adviser Knight Frank reporting that top-end real estate costs in the glitzy Gulf emirate rose 20 per cent, among the highest prices in the world.

Emaar, Dubai's largest listed property developer, lately stated that a unique Address The BLVD hotel houses endeavor in the Downtown area also sold-out within 24 hours of units going on sale.

For more information on this huge development, where Paramount studio enters the Dubai real estate market, click here to find out real estate comapny in Dubai