By Neil Halligan
Developer says sells out existing Azizi Riviera first phase and half of second phase on first day of Cityscape
Azizi Developments will launch what it describes as an “iconic tower” in Dubai before the end of the year.
The Dubai-based developer is fast becoming one of the emirate’s largest with a current portfolio of over $5 billion, which includes its marquee Azizi Riviera project of 70 towers at Meydan One.
The ambitious family-run development firm now has its sights set on launching a new tower in Dubai, one that its CEO Farhad Azizi said would have the ‘wow effect’ he said is associated with many of the city’s iconic buildings.
“We’re looking into something, but we haven’t finalised it. By the end of the year we should be finalising it,” Azizi told Arabian Business.
“It will be something iconic for us and iconic for the whole city. It will be in the form of high rise. We haven’t finalised the design, the numbers; many things have to be finalised.
"We’re working on it and it will be something special, and that’s what Dubai is. There’s always a wow effect [in Dubai].”
Azizi declined to give a specific location for the tower, as negotiations were ongoing. He said he expected an announcement would be made by November.
The developer announced that the first phase of its $3.2bn (AED12bn) waterfront project Azizi Riviera was sold out on the first day of Cityscape Global 2017.
The developer said it had also sold 50 percent of inventory of phase two of the same project, which is located in the Meydan One district.
Azizi said he expected the first handovers would begin in 2018, with all apartments delivered by 2019.
The completed project will deliver at least 6,273 units of studio, one and two-bedroom apartments situated along the Dubai Canal, with views of Downtown Dubai.