Dubai-based Azizi Developments plans to tender construction for a new skyscraper project in the emirate that is expected to cost more than one billion UAE dirhams, the company’s CEO Farhad Azizi has said. The Safa Towers development will be located on a plot near the emirate’s Safa Park, along Sheikh Zayed Road, overlooking the Dubai canal.
“There's (going to be) two towers there, it is G+39, so it’s (going to be) 40-storeys tall,” Farhad Azizi told Thomson Reuters Projects during an interview at Cityscape on Monday.
The project is currently in design stage and has not yet been officially launched.
“It is under design now,” Azizi said. “The tender will be (issued) in November or December… and (in) January we’re probably going to award it.”
The high-rise development is expected to cost between one to 1.5 billion UAE dirhams ($272 million-$408 million), Azizi said.
“For a building this size, it would take at least about two to two-and-a-half years for construction,” he added.Farhad Azizi, CEO of Azizi Developments
On Monday, Thomson Reuters Projects reported that Azizi Developments is also in discussions to launch an ‘iconic tower’ in the skyscraper-studded emirate. The company said that this mega-development could potentially launch next year.
The developer said in a statement on Wednesday that it plans to announced two new mega-projects in Q4 2017 that will be located within the Meydan One district. The projects are expected to be four times the size and value of its 12 billion UAE dirham Azizi Riviera waterfront development.
Azizi Riviera features 69 mid-rise residential buildings containing 13,000 units of studio, one-bedroom and two-bedroom apartments, an integrated retail district and a four-star and a five-star hotel. The project commenced construction in July this year, with completion of phase one and two scheduled for the second half of 2018.
The company has a current property portfolio of 18 billion UAE dirhams in Dubai, with more than 100 projects at various stages of development.
© Zawya 2017