DAMAC Properties, a company founded by businessman Hussain Sajwani, recently announced that they had issued a new tender for a property in Dubai. This is a project that is building a six-tower structure called AKYON City. It is a luxury development that will be located on Sheikh Zayed Road next to the Dubai Canal.
The tender is going to be used to build the ground floor, three basements below it, and 10 podium levels above. It will feature 49 floors of residences and one level that will be for entertainment and lifestyle purposes. Altogether the structure will contain 1.7 million square feet.
DAMAC Properties Senior Vice President Mohammed Tahaineh said that the work on this project is progressing rapidly. The piling work has already been completed, he said, and he expects that it will possibly be in May 2018 that they finalize a deal with a new construction partner for the next stage of development.
As the CEO of DAMAC Properties, Hussain Sajwani is heavily involved in this luxury property development. He founded DAMAC Properties in 2002 when the Dubai government issued a ruling that foreigners could own property in the United Arab Emirate. He says he saw this as a huge opportunity to develop and sell luxury properties to foreigners who do a lot of business in this nation.
The first company that Hussain Sajwani partnered with on the AKYON City project was the China State Construction Engineering Corporation. This deal was worth about AED 600 million and this company is building one of the six towers.
CEO Hussain Sajwani has said that AKYON City is one of the most ambitious real estate developments that he has engaged in to date. What he is building is essentially a city within a city. There will be residences, including serviced apartments, as well as office space and a hotel for guests. AKYON Plaza will be the gathering place for those seeking lifestyle and entertainment options. AKYON Plaza will have things such as multiple swimming pools, cafes, restaurants, a beach club, a spae, and more. One place, called The Club, will only be available to residents of AKYON City.