Damac Properties has awarded a $163m (AED600m) contract to China State Construction Engineering Corporation (CSCEC) for the construction of a tower at its Aykon City master development.
Located near the Dubai Water Canal, the contract will cover main construction works for the tower, which consists of 53 serviced apartments.
The enabling work for the project is already complete, with main construction work estimated to use more than 11,000 tons of steel and 94,682 metric cubes of concrete.
As per Damac Properties agreement with CSCEC, the main works are expected to begin on 1 March, 2018.
The tower will also include two basement levels, a ground floor, and ten podium levels, as well as a dedicated lifestyle and entertainment level, and rooftop.
Mohammed Tahaineh, senior vice president – commercial, Damac Properties, said: “This is a major contract towards the realisation of Aykon City, one of Damac Properties’ largest master developments in the heart of Dubai.
“CSCEC is one of the biggest contactors in the world and after careful consideration of various aspects, we agreed to the proposed partnership.”
Launched in February 2016, the 372,000m2 Aykon City development plan consists of residences, serviced apartments, a hotel, and office space.
The community will also be home to Aykon Plaza, an entertainment and lifestyle hub that includes swimming pools, a spa, a beach club, cafes, restaurants, yoga and tai-chi areas, as well as a residents-only private recreation space called The Club.
Aykon City is located on the eastern and western sides of Sheikh Zayed road at the Safa Park intersection, near the Dubai Canal.