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- Development is an indication of progress being made despite market challenges
- Thanks to UAE government’s decisive measures to combat Covid-19 the real estate industry has witnessed sustained construction activity
Dubai, UAE:: DAMAC Properties has announced that the structure of Tower B in its Sheikh Zayed Road AYKON City Project is complete.
The completion of the structure is a key milestone for the project and comes on the heels of the awarding of a main works contract last month, worth AED 181,000,000, to begin construction of Zada tower, another DAMAC project in nearby Business Bay.
Around 90,000 cubic metres of concrete went into the structure. Additionally, around 11,000 metric tonnes of steel were used, which is roughly half the weight of the Statue of Liberty.
DAMAC views these milestones as positive progress, especially amid the challenges facing the real estate industry due to the effects of Covid-19 on the market and tourism industry.
Thanks to the UAE’s decisive and proactive measures to combat Covid-19, the real estate industry has witnessed sustained construction activity, supported by its own strong balance sheets. Additionally, global real estate advisory firms have been increasingly reporting positivity in the UAE Real Estate Market, which is welcome news to all industry players.
According to the Dubai Land Department, August 2020 saw a 13.4 per cent increase in sales compared to last August and 5,600 residential units were handed over in Dubai in the second quarter. By the end of October real estate property transactions reached Dh4 billion with the sum of transactions at 1,369 and an added 38,000 units are scheduled for completion in Dubai over the remainder of the year.
Once completed, the 53-storey tower will stand at 246 metres high and house 1,218 units.
The vast majority of the units will be studios and one-bedroom apartments. However, there will be 138 two-bedroom and 45 three-bedroom apartments, as well.
With its prime location on Sheikh Zayed Road—just adjacent to the hustling downtown area where Burj Khalifa and Dubai Mall are located—AYKON City offers spectacular views of the city skyline as well as the Dubai Canal.
“We are happy with the completion of the structure of Tower B in AYKON City and look forward to expediting the completion of our remaining inventory despite the challenges we may face,” Niall McLoughlin, Senior Vice President of DAMAC, said.
“Our progress is a reflection of our strong organisation, full of hard working and dedicated employees and a forward-thinking team of managers.”
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About DAMAC
DAMAC Properties has been at the forefront of the Middle East's luxury real estate market since 2002, delivering award-winning residential, commercial and leisure properties across the region, including the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, and Oman, as well as the United Kingdom.
Since then, the company has delivered over 30,000 homes. Joining forces with some of the world’s most eminent fashion and lifestyle brands, DAMAC has brought new and exciting living concepts to the market in collaborations that include a golf course by Tiger Woods Design, managed by The Trump Organization, and luxury homes in association with Versace, Just Cavalli, Rotana, Paramount Hotels & Resorts, Rotana and Radisson Hotel Group. With a consistent vision, and strong momentum, DAMAC Properties is building the next generation of Middle Eastern luxury living.
DAMAC places a great emphasis on philanthropy and corporate social responsibility. As such, the Hussain Sajwani – DAMAC Foundation, a joint initiative between DAMAC Group and its Chairman, Hussain Sajwani, is supporting the One Million Arab Coders Initiative. The programme was launched by Vice President and Prime Minister of the UAE, and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, and is focused on creating an empowered society through learning and skills development.
Visit us at www.damacproperties.com
Follow DAMAC Properties on Facebook, Twitter, Instagram, LinkedIn and YouTube (@DAMACofficial).
For more information, please contact:
Layelle Saad, Senior Corporate Communications Manager, DAMAC Properties
Tel: +97143732119│Email: Layelle.saad@damacgroup.com
© Press Release 2020
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