Hussain Sajwani, CEO of DAMAC Properties is preparing to construct a second tower overlooking the Dubai Canal. The site is a six tower luxury development located on Sheikh Zayed Road. The contract will include the construction of three basements, a ground floor and 10 podium levels. There will also be a dedicated entertainment and lifestyle floor, as well as a rooftop. Construction is already moving at a fast paced clip as the piles for the project have already been set in place.
With development at this particular site progressing quickly, the bidding process has kicked into high gear and it is anticipated a new construction partner will happen as soon as May of this year. This particular bid follows the construction contract award to China State Construction Engineering Corporation for approximately AED 600 million to cons5truct one of the towers.
The current development, AYKON City, is one of the city’s most ambitious development in the city of Dubai. The development offers office space, hotel, serviced apartments and residences. The view of the Dubai Canal are spectacular and the development will also feature AYKON Plaza, as well as swimming pool, a resident only private recreation space, tai-chi and yoga areas, restaurants and cafes, a beach club and a spa.
DAMAC Properties owner and CEO Hussain Sajwani headquarters his company in Dubai, the United Arab Emirates. The company focuses on high end, luxury real estate development. His busy savvy, especially in development focused in on the building crash back in 2008 and took immediate steps to protect his company from taking a financial hit.
Hussain Sajwani, owner of DAMAC Properties operates his business on three basic principles that include paying cash for all land, keeping escrow accounts totally independent of each other and the retention of cash reserves by keeping them in government bonds or fixed deposit accounts in the event of an economic downturn, the construction schedule can be maintained. This business model has proved to be very successful for Sajwani and is inspiring expansion into other areas of the world such as Turkey, Jeddah and Riyadh.