Property News · August 23, 2016

Dubai's Damac awards Dh967m contract to build Aykon London One tower


The Dubai-based developer Damac has appointed Australian property construction and development company Lendlease to build its Aykon London One tower.Damac has awarded a £200 million (Dh967m) contract for the tower, which has a total development value of Dh3.1 billion. The building has been designed by architect Kohn Pedersen Fox and the interiors have been created in partnership with Versace Home, with which Damac has an existing relationship having completed Versace Home-branded residences at Al Jowharah Tower in Jeddah.The project will contain 450 residential units — 90 of which have been set aside as affordable homes — in two interlinking towers. The 50-storey north tower will contain 360 luxury units with a starting price of £900,000, while the south tower will contain the 90 affordable units, with four storeys of offices above. There will also be a sky bridge between the two towers with a roof garden at level 24. Construction is due to complete in 2020.The towers overlook the south bank of the River Thames and sit in the Nine Elms district, close to the former Battersea Power Station building, which is also currently being redeveloped.Hussein Sajwani, the chairman of Damac Properties, said: “Aykon London One is a landmark project and our first major international development outside of the Middle East. “We have great confidence in the London marketplace and this project is already proving to be highly desirable to customers and investors from within the UK as well as other parts of the world.”Neil Martin, the managing director of construction for Lendlease Europe, said: “We are excited that Damac Group has chosen Lendlease to deliver its flagship project in the UK.”Our strategy of taking a selective approach to bidding is paying off, and is allowing us to focus on prestigious projects such as this one.”Last week, Lendlease published results for its 2016 fiscal year which showed that its overall revenue increased by 14 per cent to A$15.1bn and net profit climbed by 13 per cent to A$698.2m. It derives about 85 per cent of its revenue and 23 per cent of its earnings before interest, tax, depreciation and amortisation through its construction arm.mfahy@thenational.aeFollow The National’s Business section on Twitter

Source : thenational.ae
Read more…Dubai’s Damac awards Dh967m contract to build Aykon London One tower

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