Dubai developer Damac Properties has launched a new mixed-use scheme called Aykon City overlooking the new Dubai Canal.

The six-tower project, called Aykon City, will be developed on Sheikh Zayed road.

The 371,612 square metre project, located on the eastern and western sides of Sheikh Zayed road at the Safa Park intersection, will be made up of six towers. 

The project is being developed in collaboration with the local Meraas, according to a statement from Damac.

Aykon City will comprise an 80-storey Aykon Hotel and Residences, a 63-storey Damac Maison Serviced Hotel Residences, a 60-storey apartment tower, a 65-storey office tower and two 30-floor ultra-luxury residential towers, according to the statement.

The project sales value is AED7.4bn ($2.02bn) and construction is due to start before the second half of the year with a completion date of 2021, said the statement

On 18 February MEED reported that Damac had purchased plots of land worth AED1.26bn ($343.1m) in the location where the project is planned.

The purchase was done through its subsidiary Damac Properties Development Company, which will add about four million square feet to Damac’s existing land holdings in Dubai. The plots were bought on five yearly deferred payments basis, with the last payment scheduled in March 2020.