The two towers: a new version of the story from Dubai real estate developers

08.06.2016
Damac and Emaar announced the launch of the two towers in Dubai, one of which will overtop Burj Khalifa in height, and the other in cost of construction.

Recently, CNN reported that Emaar Properties is ready to start work on the Dubai Creek Harbour project with the highest tower in the center of it next month. The reason for its popularity in the world media is its announced height: at the expense of the spire (but not the functional floors) the tower, still having no official name of its own, will overtop the highest of the existing world’s highest buildings Burj Khalifa, if will reach 100 meters. For the record: another tall building claiming to get the title of the world’s highest is 1-km high Jeddah Tower being built in Saudi Arabia.

Besides its height, the tower in the Dubai Creek Harbour will impress with its footprint area of 1200 hectares, which is much larger than the area of ​​the whole Downtown Dubai (500 hectares). Another 679 million square meters in the Dubai Creek Harbour complex will be given to a residential property, and 851,000 sq.m. more — to commercial property, while 11,160,000 square meters will form a retail zone, which is ten times larger than the area of ​​the largest shopping mall in the world, the Dubai Mall (1,1 million sq.m.).

The second tower, of a much more modest size (only 60 floors) was launched in the center of a new Damac’s project Aykon City. Apartment sales in the residential tower located on Sheikh Zayed Road in Dubai’s so called “Golden Quadrant”, overlooking the Dubai Canal has already started. Prices for apartments in the complex will start from AED 1.7 million (USD 462,800). The building with luxury residential units will also house serviced hotel apartments for sale at a price of AED1.69 million.

The whole Aykon City complex, already quite popular among investors, is said to be completed by 2021, while the total construction cost has reached AED7.4 billion (USD 2 billion), which is higher than Burj Khalifa’s construction cost (USD 1.5 billion), though counted according to a new dirham to USD course.

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