Monday, October 23, 2017 2:52 AM

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Azizi assigns contractors for Dh6 bn worth of projects


Dubai-based and Afghan-owned developer Azizi Developments has appointed three contractors – KSS Engineering and Construction, Zahrat Al Safa Contracting and Seidco – to deliver the first two phases of the Dh12 billion Azizi Riviera project, the company said in a statement.

“KSS Engineering and Construction and Zahrat Al Safa Contracting LLC are the appointed contractors of phase one of the project, while Seidco has been awarded the contract of phase two. The combined project value of phase one and two is Dh6 billion,” Azizi said in a statement.

The move comes after selling out all the waterfront projects of phase one and 50 per cent of phase two of its Dh12 billion waterfront project Azizi Riviera at Cityscape Global 2017.

Inspired by the French Riviera, Azizi Riviera is collectively made up of 69 mid-rise residential buildings of 13,000 units of studio, one-bedroom and two-bedroom apartments, a mega integrated retail district and a four and a five-star hotel. Located in the prestigious Meydan One district, the project commenced construction in July this year with the completion of phase one and two scheduled for the second half of 2018.

Azizi is also making rapid progress in the construction of Azizi Aura Residence in Downtown Jebel Ali. With site preparation complete and mobilisation underway, the developer is well on its way to complete the project by Q4, 2018.

Comprised of 17 floors, the premier apartment building offers a total of 349 studios, 87 one-bedroom arrangements and 43 two-bedroom units, and is in close proximity to the UAE Exchange Metro Station and the Expo 2020 site.

Farhad Azizi, CEO of Azizi Developments, said: “Azizi Developments is undergoing a rapid phase of growth and we feel it is extremely important to keep our customers aware of the status of their investments. We are one of the very few construction-driven developers that put their own equity into a project, in the range of 10-20% prior to the launch. This allows us greater stability and control on the timelines of construction activities and increased transparency with customers.”

Since the start of the year, the property developer demonstrated a faster pace of completed projects, with handovers of 1,000 units in Dubai. The developer is expected to hand over 80 projects before 2020, including the Azizi Riviera development in Meydan One.

“We continue to maintain a keen focus on ensuring superior quality of our projects and their timely delivery giving our buyers and investors the best value for their money,” he added.

Azizi Developments continues to offer the best community living experience for customers, and is increasingly focusing on creating urban neighbourhoods supported by investments in developing signature communities with distinct identities. The developer has also increased its focus on green buildings and sustainable developments keeping with the UAE Vision 2021 National Agenda which aims to achieve a balance between economic and social development.

Azizi Developments is the real estate investment arm of Azizi Group. Established in 2007, the company’s diverse experience in the property market has led the value of its current portfolio in the emirate to AED20billion and more than 100 projects at various stages of development.

In 2016, Azizi Developments was awarded ‘Developer of the Year’ and has been instrumental in developing some of the finest properties in The Palm Jumeirah, Meydan, Dubai Healthcare City, Al Furjan, Studio City, Sports City and Jebel Ali.