Construction

Damac unveils $2bn Aykon City at Dubai Canal

By Ben Flanagan

Posted on February 20, 2016

Construction of six-tower project due to commence before summer

PHOTO: Aykon City will include the 80-storey Aykon Hotel and Residences and five other towers. Credit: Damac

Damac has unveiled details of a $2 billion development overlooking the Dubai Water Canal, with construction on the project due to start before summer.

The Dubai Financial Market-listed developer said the Aykon City project will include six towers, spanning a total of 4 million square feet.

The project sales value is AED 7.4 billion ($2 billion), Damac said, with completion scheduled for 2021.

It will include the 80-storey Aykon Hotel and Residences, the 63-storey Damac Maison Serviced Hotel Residences, a 60-storey apartment tower and 65-storey office tower.

The other two towers will be around 30 storeys tall, and include what Damac called “state-of-the-art car lifts to each unit”, along with views over Dubai Canal and Safa Park.

A limited number of serviced residences will be released for sale immediately, with further releases in due course, Damac said in a statement.

The project will also include a tourist attraction called ‘Aykon Dare’, described as “an adrenaline experience on the 80th floor of the hotel where guests get to walk around the outside of the tower’s roof”.

Aykon City will also include a plaza, swimming pools, spa, beach club, cafés, restaurants and a private members’ club.

The project is apparently set to occupy plots of land that Damac on Thursday said it was buying for AED 1.26 billion ($343 million).

The plots are located on the eastern and western sides of Sheikh Zayed Road, at the Safa Park intersection, close to the Dubai Water Canal.

Hussain Sajwani, Chairman of Damac, said the project was being undertaken in collaboration with Meraas Holding.

“This area of our city is one of the most important developments in Dubai’s expansion, opening up access to many kilometres of the Dubai Canal,” he said.

“Aykon City is testament to our solid commitment and belief in Dubai’s strong economy and especially in the future of the real estate sector.”

The Dubai Water Canal, an extension of the Creek that links the Business Bay area with the Arabian Gulf, is on track to complete by the end of this year, according to the local Roads and Transport Authority (RTA).