Damac launches $2.1bn Aykon City project in Dubai
The development will comprise six towers, construction on which is due to begin "before this summer", and complete by 2021
Dubai's Damac Properties announced the launch of its Aykon City project, a 37.1 (4m sqf) development along Sheikh Zayed Road.
The development will comprise six towers, including 80-storey Aykon Hotel and Residences and a 63-storey Damac Maison Serviced Hotel Residences.
Also included within the plan are a 60-storey apartment tower, a 65-storey office tower, and two 30-storey "ultra-luxury" residential towers, which will feature car lifts to each unit.
Aykon City is situated at the Safa Park intersection and in close proximity to the Dubai Water Canal.
Construction of the $2.1bn (AED7.4bn) project is due to commence "before this summer", Damac said, and expected to complete by 2021.
The development firm recently announced a 30% hike in its net profit for 2015.
The company's revenue for the year hit $2.32bn (AED8.54bn), and its total assets grew by 25% to $6.38bn (AED23.45bn).
The developer registered a gross profit worth $1.38bn (AED5.07bn), and net profit worth $1.23bn (AED4.51bn), a 30% year-on-year rise for the company.
Damac's gross debt stood $1.02bn (AED3.76bn) as of 31 December, 2015.
In a statement to Dubai Financial Market, the developer said its area sold during 2015 spans 75.4ha (8.12 million sqf), which is 3% higher than in 2014.