Azizi awards contracts for $1.6bn portion of Dubai’s Azizi Riviera
Azizi Developments has awarded contracts for Azizi Riviera’s Phases 1 and 2, which boast a combined project value of approximately $1.6bn
Azizi Developments has awarded contracts for Azizi Riviera’s Phases 1 and 2, which boast a combined project value of approximately $1.6bn (AED6bn).
Located within Dubai’s Meydan One master development, the $3.3bn (AED12bn) Azizi Riviera community will comprise 13,000 studio, one-, and two-bedroom apartments spread across 69 mid-rise residential buildings.
Azizi has appointed KSS Engineering and Construction, and Zahrat Al Safa Contracting to construct Phase 1 of Azizi Riviera. Seidco has been awarded the contract for Phase 2 of the development.
Farhad Azizi, the developer’s chief executive officer, said: “Azizi Developments is undergoing a rapid phase of growth, and we feel it is extremely important to keep our customers aware of the status of their investments.
“We are one of the very few construction-driven developers that puts its own equity into a project, in the range of 10% to 20% prior to the launch. This allows us greater stability and control on the timelines of construction activities and increased transparency with customers.”
In addition to its residential component, Azizi Riviera will include a retail district, a four-star hotel, and a five-star hotel.
Work on the community commenced in July 2017, and Phases 1 and 2 are expected to complete in H2 2018.