Damac launches Dhs 7.4bn Aykon City project near Dubai Canal

Dubai developer Damac Properties has announced a new Dhs 7.4bn six-tower project, Aykon City, close to the upcoming Dubai Canal development.

The four million square feet luxury development is located on the eastern and western sides of Sheikh Zayed road at the Safa Park intersection.

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

It will also feature two 30-floor ultra-luxury residential towers with car lifts to each unit and direct views over Dubai Canal and Safa Park.

The project will also feature the Aykon Dare, an adrenaline experience on the 80^th floor of the hotel where guests get to walk outside the tower’s roof.

Aykcon City will also comprise a plaza with swimming pools, spa, beach club, cafés, restaurants, yoga and tai-chi areas and a private members club.

Construction on the project is due to commence before this summer with a completion date of 2021, Damac said in a statement.

Limited release of the serviced residences go on immediate sale with further releases in due course, it added.

Damac chairman Hussain Sajwani said: “We are delighted to announce a project of this scale in collaboration with Meraas Holding and on such a site in this premier location of the city…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 added: “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 company announced last week that it had acquired a four million sq ft plot of land worth Dhs 1.26bn close to the canal project.

Damac has delivered over 15,500 homes and has a development portfolio of over 40,000 units at various stages of progress and planning as of December 31, 2015. Included are more than 13,000 hotel rooms and serviced hotel apartments.