DAMAC Properties’ AYKON City Tower B structure is complete

DAMAC Properties has announced that the structure of Tower B in its Sheikh Zayed Road AYKON City Project is complete.

Sales started in April 2016 with completion due in Q1 2022 - investors will have paid 80% via a construction linked payment plan with 20% due on completion in 2022

The completion of the structure is a key milestone for the project and comes on the heels of the awarding of the 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.”