Damac Properties said on Tuesday it has awarded a contract worth about AED600 million ($163.3 million) to China State Construction Engineering Corporation (CSCEC) for the construction of one of the towers at Aykon City, overlooking Dubai Canal.
The contract covers main works construction for the tower which consists of serviced apartments. The tower includes two basement, ground floor and 10 podium levels, in addition to a dedicated lifestyle and entertainment level, 53 residential floors and a rooftop.
“This is a major contract towards the realisation of Aykon City, one of Damac Properties’ largest master developments in the heart of Dubai. CSCEC is one of the biggest contactors in the world and after careful consideration of various aspects, we agreed to the proposed partnership," said Mohammed Tahaineh, senior vice president – Commercial, Damac Properties.
"The towers at Aykon City will be yet another iconic addition to this great city’s dynamic skyline, and we are accelerating its development by choosing the right partner for the job.”
The enabling work for the tower is already complete and it is estimated that its main construction will use more than 11,000 tons of steel and 94,682 metric cubes of concrete.
As per Damac Properties agreement with CSCEC, the main works are expected to start on March 1.
Aykon City will be home to Aykon Plaza, an entertainment and lifestyle hub for the community that includes swimming pools, spa, beach club, cafes, restaurants, yoga and tai-chi areas, as well as a residents-only private recreation space called The Club.
The 4 million sq ft development project which was launched in February 2016, is located on the eastern and western sides of Sheikh Zayed Road at the Safa Park intersection and near the Dubai Canal.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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