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November 2, 2020

DAMAC announces completion of Tower B structure in Sheikh Zayed project

DAMAC Properties has announced the completion of the Tower B structure in its Sheikh Zayed Road AYKON City Project in Dubai.

DAMAC Properties has announced the completion of the Tower B structure in its Sheikh Zayed Road AYKON City Project in Dubai.

This completion comes a main works contract  was awarded last month to Trans Emirates Contracting, worth AED181m ($49.27m), to start construction on the Zada tower.

For the structure, nearly 90,000m³ of concrete and around 11,000 metric tonnes of steel were used.

The latest development indicates that positive progress is being made despite Covid-19-related market challenges facing the real estate industry.

Upon completion, the 53-storey tower will be 246m-high and accommodate 1,218 units.

DAMAC Properties senior vice-president Niall McLoughlin said: “We are happy with the completion of the structure of Tower B in AYKON City and look forward to expediting the completion of our remaining inventory despite the challenges we may face.

“Our progress is a reflection of our strong organisation, full of hard working and dedicated employees and a forward-thinking team of managers.”

The majority of the units will be studios and one-bedroom apartments, however, 138 two-bedroom and 45 three-bedroom apartments will be part of the project.

The company noted that due to the UAE’s decisive and proactive measures to combat the pandemic, the real estate industry has witnessed sustained construction activity.

The Dubai Land Department revealed a 13.4% sales increase in August 2020 compared to August last year.

During the second quarter, 5,600 residential units were handed over in Dubai.

In October 2018, DAMAC announced the completion of the raft foundation for Tower C of Dubai’s $2bn multi-tower Aykon City master development on Sheikh Zayed Road near Dubai Canal.

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